Commodities
Saudi Oil Pipeline Attacks Prompt Global Price Drop
Global oil prices dropped by 1.2% on Thursday as Saudi Arabia sought alternative routes for crude shipments after pipeline attacks damaged its East-West pipeline.
The Brent crude futures fell to $104.59 a barrel, while US West Texas Intermediate futures dropped to $101.29, according to market reports.
The damage to the East-West pipeline has increased pressure on other export routes and raised concerns over supply tightness in the Middle East.
Saudi Arabia is offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, which could partly offset the disruption to Saudi exports.