Oil Prices Slip as Saudi Arabia Offers Crude Cargoes Through Oman
Oil prices continued their downward trend on Thursday, falling by 1.8% to $103.95 per barrel for Brent crude futures and 1.7% to $100.66 per barrel for US West Texas Intermediate futures.
The decline in oil prices was attributed to Saudi Arabia's decision to offer additional crude cargoes through Oman, which eased concerns about supply disruptions caused by the Middle East conflict.
However, analysts noted that this move would only partly offset the lost export barrels due to drone attacks on the East-West pipeline, which feeds the Saudi port of Yanbu. The suspension of cargo deliveries from Yanbu had previously driven oil prices to four-month highs.
Despite the decline in oil prices, concerns about the intensifying Middle East war remain, with Saudi warplanes pounding Yemen and Houthi fighters launching drones and missiles at Saudi cities.