Saudi Pipeline Disruptions Offset by Alternative Routes

Oil prices have slipped by about 1% for the third day in a row, but remain above $100 per barrel. Brent crude futures fell $1.01 to $103.77 a barrel, while US West Texas Intermediate futures dropped $1.03 to $100.88 a barrel.

The decline comes despite concerns over supply disruptions due to attacks between Saudi Arabia and Yemen's Iran-backed Houthis. However, markets are focusing on the possibility of alternative routes for Middle Eastern crude reaching global markets.

Saudi Arabia is seeking to restore about half of its East-West pipeline capacity within days after three pumping stations were damaged in an attack last week. The additional shipments could offset some of the disruption caused by the pipeline damage.