Saudi Pipeline Repairs Boost Confidence in Crude Oil Prices

Crude oil prices continued their decline for the third consecutive session on Friday, with market participants showing renewed confidence in Saudi Arabia's ability to partially resume disrupted supply routes.

Brent crude futures had declined approximately 2.2% to reach $102.53 per barrel by mid-morning GMT, while West Texas Intermediate posted a 1.8% decrease, settling at $100.04 per barrel.

The international benchmark is heading toward its first weekly decline in three weeks, posting approximately 2% losses for the period.

Saudi Arabia has accelerated efforts to restore approximately 50% of the East-West pipeline's operational capacity within the next several days, according to industry sources. The pipeline can carry up to 7 million barrels per day.