Oil Prices Slip as Saudi Supply Fears Ease Amid Middle East Tensions

Oil prices declined on Friday as concerns over Saudi supply disruptions eased, outweighing anxiety about escalating conflict in the Middle East.

Brent crude futures dropped by $0.88 or 0.84% to $103.94 a barrel at 1225 GMT, while U.S. West Texas Intermediate futures remained unchanged at $102.15.

A combination of Saudi Arabia loading more crude via Oman, increased oil product inventories in the U.S., Singapore, and Europe, and higher fuel exports from China contributed to easing supply tightness concerns, according to PVM Oil Associates analyst Tamas Varga.

While there are still risks associated with transporting oil through the region, markets largely shrugged off concerns despite Saudi Arabia and Yemen's Iran-backed Houthis exchanging strikes across their border on Thursday.