Crude oil falls for a third day as Saudi supply concerns ease

Crude oil prices declined for a third consecutive day as concerns over possible supply disruptions from Saudi Arabia eased. At the same time, the market continues to price in risks of further escalation in the Middle East.

Brent crude futures fell by $0.79, or 0.75%, to $104 per barrel as of 03:19 GMT. US West Texas Intermediate crude declined by $0.70, or 0.69%, to $101.20 per barrel. Both benchmarks had ended the previous session about 1% lower.

Crude oil prices came under additional pressure following reports of a recovery in Saudi Arabia’s export capacity, which partly reduced concerns over a potential shortage of supply on the global market.

Despite the decline, crude oil prices remain above $100 per barrel. Market participants are waiting for clearer signs that physical flows are stabilizing and traffic through key maritime routes is gradually normalizing.

Analysts note that a sustained improvement in shipping through the Strait of Hormuz could further reduce the geopolitical premium in crude oil prices. However, continued regional tensions are still providing support to the market.

Tags: prices, Saudi Arabia, crude oil, global market