Saudi Arabia Redirects Oil Shipments via Oman Amid Middle Eastern Supply Constraints

Crude oil markets retreated on Wednesday after Saudi Arabia successfully established an alternative shipping channel via Oman, easing concerns about prolonged Middle Eastern supply constraints.

Brent crude prices settled at $108.16 per barrel, while West Texas Intermediate closed at $104.63, marking a pullback from the brief two-day surge that lifted both major benchmarks over 6% during the week.

The Saudi government began facilitating crude deliveries to Asian refining customers via ship-to-ship transfer operations near Oman's Sohar port facility, diminishing market anxiety regarding potential extended supply interruptions.

European diesel prices remained close to a record high, while the U.S. stockpiles increased by 7.1 million barrels, exceeding analyst forecasts of a 1.6 million barrel decline.