Saudi Offer Eases Oil Price Concerns Amid Middle East Tensions

Oil prices declined on Wednesday as Saudi Arabia's offer to export additional crude cargoes via Oman eased concerns about Middle East supply disruptions.

Brent crude futures fell by $0.83, or 0.76 percent, to $107.92 a barrel at 0801 GMT, while US West Texas Intermediate futures dropped by $1.41, or 1.33 percent, to $104.42 a barrel.

The decline came after reports that Saudi Arabia was offering more loadings of crude oil to Asian refiners via ship-to-ship transfer off Oman's Sohar port, following drone attacks that damaged its key oil pipeline to the Red Sea.

Macquarie analysts noted that flows of crude, condensate, and refined products through the Strait of Hormuz have remained resilient despite escalating hostilities in the region and may have risen to more than 7.5 million barrels per day since fighting resumed on August 30.