Saudi Arabia's Hormuz Reroute Eases Oil Price Concerns

Oil prices took a hit on Thursday after Saudi Arabia began rerouting additional crude exports through the Strait of Hormuz, easing concerns about a potential disruption to global supplies.

The Brent crude futures benchmark fell by 2.6% to $103.05 per barrel, while US West Texas Intermediate briefly dropped below $100 before recovering to $100.55, down 1.8%. Despite losing most of its gains for the week, WTI remains 17% higher since September 1st.

Saudi Arabia has increased crude shipments to Asian refineries through ship-to-ship transfers in waters near Oman's Port of Sohar, according to sources cited by Reuters.