Saudi Aramco Offers Asian Refiners Crude Cargoes Amid Pipeline Disruption

Oil prices have dropped to their lowest point in one week, falling by about two percent on Thursday. Brent crude futures declined by $2.67, or 2.5 percent, to $103.13 a barrel, while US West Texas Intermediate crude fell by $1.61, or 1.6 percent, to $100.82 a barrel.

The decline in oil prices comes after reports that Saudi Arabia was offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port. This move is expected to offset some of the disruption caused by attacks on Saudi Arabia's East-West oil pipeline, which transports crude to the Red Sea export hub of Yanbu.

Saudi Arabia is also seeking to restore about half of the pipeline's capacity within days, according to a Bloomberg report cited by Reuters. This development has helped ease concerns over a prolonged supply disruption and contributed to the decline in oil prices.