Saudi Rerouting Eases Oil Price Pressure Amid Ongoing Pipeline Disruptions

Oil prices declined on Thursday as Saudi Arabia's additional crude shipments through Oman alleviated immediate concerns over supply disruptions, pushing West Texas Intermediate (WTI) below $100 a barrel.

The retreat in oil prices deepened from Wednesday even as unresolved damage to Saudi Arabia's East-West pipeline and ongoing Middle East tensions kept the market vulnerable to another supply shock.

Brent crude futures fell 3.32% to $102.32 a barrel, while WTI dropped 2.72% to $99.64 according to the latest market data provided Thursday.

The decline in oil prices follows a sharp reversal from four-month highs reached earlier this week after loadings at Saudi Arabia's Red Sea export hub at Yanbu were suspended and some deliveries to European customers were canceled following attacks on the pipeline supplying the terminal.