Saudi Oil Exports Through Oman Ease Disruption Concerns

Oil prices have dropped following reports that Saudi Arabia is offering additional crude oil shipments via Oman. The move comes after drone attacks damaged an oil pipeline in the kingdom, sparking concerns about Middle East supply disruptions.

The damage to the Red Sea pipeline appeared to ease some of these concerns as it was reported that Saudi Arabia would be selling more crude through Oman instead.

Despite this development, vessel passage through the Strait of Hormuz remained constrained due to ongoing attacks in the region.

Brent crude futures fell by $2.92, or 2.7 percent, to settle at $105.83 a barrel, while US West Texas Intermediate dropped by $3.40, or 3.2 percent, to $102.43.