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Oil prices fall as Saudi Arabia uses Omani ports
Global oil prices declined following stable U.S. oil inventories and Saudi Arabia’s decision to ship additional oil via Oman to mitigate the impact of Houthi attacks on the East-West pipeline, which affects supplies to the Yanbu port. Brent crude futures fell to $105.12 per barrel, and West Texas Intermediate to $101.72, with expectations that prices will remain supported until the end of the year due to military escalation in the Red Sea and the closure of the Hormuz Strait, alongside the global diesel fuel crisis.
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