Saudi Crude Supply Boost Eases Oil Price Fears Amid Middle East Conflict

Oil prices declined in Asian trading on Thursday, following reports that Saudi Arabia was offering additional crude cargoes through Oman, easing concerns over supply disruptions.

The Brent crude futures fell by 19 cents, or 0.2%, to $105.64 a barrel by 0347 GMT, while U.S. West Texas Intermediate (WTI) futures declined by 33 cents, or 0.3%, to $102.10.

Saudi Arabia is providing additional crude oil loadings to Asian refiners through ship-to-ship transfers off Oman's Sohar port, helping offset part of the impact on global supply from attacks on Saudi Arabia's East-West pipeline to the Red Sea.

However, some analysts expect the additional flows to only partially offset the supply losses from the kingdom's Red Sea port, limiting the decline in oil prices.