Saudi Oil Exports Rebound Despite Ongoing Middle East Tensions
Oil prices continued their decline on Friday for the third consecutive session, despite fresh Saudi-Houthi strikes in the Middle East. Brent crude futures dropped by 0.9% to $103.8 a barrel, while US West Texas Intermediate crude fell by 0.8% to $101.1 a barrel.
The decline comes as expectations of alternative routes for Middle Eastern oil exports eased concerns over supply disruptions. Saudi Arabia's East-West pipeline was damaged in recent strikes, but the kingdom is working to restore part of its capacity and use alternative shipping arrangements.
According to Bloomberg, Saudi Arabia aims to restore around half of the pipeline's capacity within days. The kingdom has also offered additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port.