Saudi Supply Disruptions Ease, Oil Prices Dip Below Previous Day's Close

Oil prices retreated for a second consecutive day as concerns over disruptions to Saudi Arabia's crude supply began to ease. The Brent crude futures price settled at $104.82 per barrel, down 0.95% from the previous close on the London ICE Futures Exchange.

The West Texas Intermediate (WTI) futures price also declined, closing at $101.91 per barrel on the New York Mercantile Exchange, a 0.51% decrease from its previous level.

Reports emerged that Saudi Arabia had arranged for additional crude shipments to Asian refiners through ship-to-ship transfers near Sohar Port in Oman, which is expected to partially offset export disruptions caused by the East-West Pipeline shutdown.

Saudi Arabia has been working quickly to repair the damaged pipeline and aims to restore some of its capacity within days. This rapid response helped ease market anxiety.