Oil drops as Saudi Arabia uses Oman ports
Global oil prices declined following Saudi Arabia's announcement of additional crude shipments through Omani ports, helping to ease concerns over disruptions in Middle Eastern supplies. Brent crude fell by $3.63 (3.3%) to reach $105.12 per barrel, while U.S. West Texas Intermediate decreased by $4.11 (3.9%) to $101.72 per barrel. These declines came amid ongoing worries about military tensions in the Red Sea and their potential impact on oil supplies, along with data showing that U.S. inventories were drawn down less than expected. Despite the temporary dip in prices, experts predict that prices will continue to remain supported due to regional military escalations and the closure of the Strait of Hormuz, alongside the ongoing global diesel fuel shortage.
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