Oil prices fall as Saudi supply fears ease
- Oil prices fell about 2% as concerns over Saudi Arabian supply disruptions eased.
- Brent crude declined to $102.53 per barrel, while WTI crude fell to $100.04 per barrel.
- Markets continued monitoring Middle East tensions and the potential recovery of Saudi export capacity.
Brent crude and West Texas Intermediate oil prices declined for a third consecutive session as easing concerns over Saudi Arabian supply disruptions outweighed concerns about a wider Middle East conflict.
Brent crude futures fell $2.30, or 2.2%, to $102.53 a barrel, while U.S. West Texas Intermediate futures dropped $1.85, or 1.8%, to $100.04 a barrel by 0636 GMT.
Prices had climbed earlier in the week after reports that Saudi Arabia’s Yanbu export hub suspended crude loadings following damage to the East-West pipeline, but prices later declined as Saudi Arabia moved to restore capacity and offer additional crude cargoes.
Following the decline, Brent crude was down about 2% for the week, while oil prices remained above $100 per barrel as markets monitored supply conditions and Middle East developments.
Oil markets continue to track geopolitical developments in the region, including renewed exchanges between Saudi Arabia and Yemen’s Iran-backed Houthis and risks affecting shipping routes.
Analysts said the outlook depends on whether physical oil flows normalize and how quickly Saudi export capacity returns, while transportation risks remain in parts of the region.
