Crude Oil Falls for 2nd Session
Crude oil fell toward $100 a barrel on Thursday, following a 3.2% drop in the previous session, reflecting easing concerns over supply disruptions after Saudi Arabia indicated it could restore around half of the damaged East-West pipeline’s capacity within days and full operations within six weeks. Riyadh is also offering additional crude cargoes to Asian refiners through ship-to-ship transfers near Oman, providing an alternative export route after disruptions at the Yanbu terminal. The developments have reduced immediate fears of a severe supply shortage, but the market remains sensitive to further escalation in the Middle East. The Strait of Hormuz remains contested and continues to be a critical supply route, while the Russia-Ukraine conflict is also disrupting refined-product markets through attacks on Russian refineries.
Story updates
7% drop in the previous session, reflecting easing concerns over supply disruptions after Saudi Arabia indicated it could restore around half of the damaged East-West pipeline’s capacity within days and full operations within six weeks. Riyadh is also offering additional crude cargoes to Asian refiners through ship-to-ship transfers near Oman, providing an alternative export route after disruptions at the Yanbu terminal. The developments have reduced immediate fears of a severe supply shortage, but the market remains sensitive to further escalation in the Middle East.
The Strait of Hormuz remains contested and continues to be a critical supply route, while the Russia-Ukraine conflict is also disrupting refined-product markets through attacks on Russian refineries.