Saudi Arabia's Ship-to-Ship Crude Transfers Ease Oil Price Fears

Oil prices continued their decline on Thursday as concerns over disruptions to supply due to attacks on Saudi Arabia's East-West pipeline eased. According to Reuters, Saudi Arabia is making additional crude cargoes available to Asian refiners through ship-to-ship transfers near Oman's Sohar port.

This move has helped cushion the impact of the disruption on global supplies. Brent futures, the international benchmark, was slightly lower at $105.81 per barrel, while U.S. crude oil was down 0.22% at $102.14 a barrel.

U.S. Energy Secretary Chris Wright told CNBC Tuesday that the East-West pipeline outage was a 'brief and temporary interruption' that 'will be measured in days', easing supply concerns.