Oil Prices Take a Hit Amid Rising Inventories and Supply Concerns

Global oil prices took a hit on Wednesday after U.S. crude oil inventories saw an unexpected increase, casting doubt over concerns about disruptions to Saudi Arabia's oil supply.

According to Al Jazeera, market participants were assessing vulnerabilities in oil supplies following reports of Houthi attacks targeting Saudi Arabia's East-West pipeline and oil export facilities in Yanbu.

Brent crude futures fell by 93 cents, or 0.86 percent, to $107.82 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped by 97 cents, or 0.92 percent, to $104.86 per barrel.

Despite the decline, oil prices remain significantly higher than levels seen in international markets before the U.S.-Iran war.