Saudi Rerouting Eases Oil Price Pressure Amid Middle East Tensions

Oil prices declined on Thursday as Saudi Arabia's efforts to reroute crude supplies to Asian buyers through Oman eased concerns over disruptions to Middle Eastern oil flows.

The international benchmark Brent crude futures for November delivery traded at $103.99 a barrel, down 1.74% from the previous close of $105.83.

Saudi Arabia is offering additional crude loadings to Asian refiners through ship-to-ship transfers off Oman's Sohar port, helping offset some supply disruptions caused by attacks on Saudi Arabia's East-West pipeline.

Tensions in the Middle East remain elevated, and oil flows through key waterways like the Strait of Hormuz and Bab el-Mandeb remain below pre-war levels, putting downward pressure on prices.