Saudi Oil Offer Eases Middle East Supply Concerns

Oil prices dipped on Thursday after Saudi Arabia announced it would offer additional crude cargoes through Oman, easing concerns over disruptions to Middle East supplies. Brent crude fell by 0.09% to $105.70 a barrel, while U.S. West Texas Intermediate declined by 0.09% to $102.30 a barrel.

The move came after attacks on Saudi Arabia's East-West pipeline and disruptions at its Red Sea export hub raised concerns about the availability of crude for international buyers. The additional supplies could help offset some of the disruption caused by the attacks, which had led Riyadh to suspend crude loadings at Yanbu and cancel some cargo deliveries to European customers.

The supply situation remains fluid, with the damage to two pumping stations on the East-West pipeline leaving the timeline for repairs unclear. Middle East tensions remain a major factor for the oil market, with Saudi warplanes striking targets in Yemen and Houthi fighters launching drones and missiles at Saudi cities.