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Commodities

Saudi Arabia Offers Crude Cargoes Through Oman Amid Middle East Tensions

Guavy AI Editorial Team
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Oil
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Oil prices fell on Wednesday after Saudi Arabia offered additional crude cargoes through Oman, easing concerns about Middle East supply disruptions. The move was made in response to strikes on the country's East-West pipeline, which feeds the Red Sea port of Yanbu.

Brent crude futures dropped $2.92, or 2.7%, to settle at $105.83 a barrel, while US West Texas Intermediate futures fell $3.40, or 3.2%, to close at $102.43.

Analyst Giovanni Staunovo said that news around Saudi Arabia exporting from the Gulf 'suggests concerns that the disruption could be larger are easing.'

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