Oil prices continued to decline on Friday, marking their third straight session of losses, as worries about disruptions to Saudi oil supplies eased even though tensions in the Middle East remain high.
By 03:19 GMT, Brent crude dropped 79 cents, or 0.75%, to $104 per barrel. U.S. West Texas Intermediate (WTI) crude fell 70 cents, or 0.69%, to $101.20 per barrel. Both benchmarks had already lost about 1% during Thursday’s trading session.
Brent is heading toward its first weekly decline in three weeks, with a loss of nearly 0.5%. Meanwhile, U.S. crude is still on track for a weekly gain of around 1.2%.
The drop in prices followed reports that Saudi Arabia is working to restore part of the East-West pipeline’s capacity within days. The kingdom is also increasing oil deliveries to Asian refineries through ship-to-ship transfers near Oman, helping reduce concerns about potential supply shortages.
Even with the recent decline, oil prices remain above the $100-per-barrel mark due to ongoing geopolitical uncertainty. Shipping activity in the region continues to face pressure from security concerns, and investors are closely watching Saudi supply developments and traffic through the Strait of Hormuz for clues about where prices may move next.
