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Commodities

Saudi Arabia's Oil Exports Eased Concerns of Middle East Disruptions

Guavy AI Editorial Team
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Oil
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Oil prices slid on Wednesday after reports emerged that Saudi Arabia was offering additional crude cargoes via Oman's Sohar port, easing concerns about Middle East supply disruptions.

The price of Brent crude futures fell by $1.30 to $107.45 per barrel, while US West Texas Intermediate futures dropped by $1.96 to $103.87.

Saudi Arabia's decision to offer more loadings via Oman came after drone attacks damaged its oil pipeline to the Red Sea, shipping industry sources said.

UBS analyst Giovanni Staunovo noted that news around Saudi Arabia exporting from the Gulf suggests concerns about the disruption being larger are easing.

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