Oil falls as Saudi Arabia offers alternative crude shipments
Oil prices fall as Saudi pipeline fears ease and supply looks steadier. Track how Middle East tensions, inflation, and yields could move crude next.
Oil prices extended losses on Thursday as concern over supply disruptions eased after attacks hit Saudi Arabia's EastWest pipeline.
Brent crude traded slightly lower at $105.81 a barrel, while U.S. crude fell 0.22% to $102.14 a barrel. Reuters reported that Saudi Arabia is making more crude available to Asian refiners through shiptoship transfers near Sohar, Oman, which may help offset some of the disruption.
U.S. Energy Secretary Chris Wright said the pipeline outage would likely be brief and measured in days, helping calm market worries. Even so, traders remain focused on tensions in the Middle East, where further escalation could affect regional oil and gas output, keep inflation pressures elevated, and support higher bond yields.