Oil prices extend losses as fears of Middle East supply disruptions ease
Oil prices extended losses for a third consecutive session, falling about 1% to 2% and reaching a one-week low, though they remained above $100 a barrel. The decline was driven by easing fears of Middle East supply disruptions following reports that Saudi Arabia offered ship-to-ship crude transfers and additional crude cargoes through Oman after a pipeline hit. The retreating oil prices also eased inflation concerns, helping drive a rally in Asian equities and Wall Street.
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- ✓ Oil prices settled about 1% lower on Thursday.
- ✓ Oil prices eased about 2% on Thursday to a one-week low.
- ✓ Oil futures fell about 1% in Asian trading on Friday, marking a third consecutive session of declines.
- ✓ Asian equities advanced on Friday, extending a Wall Street rally as retreating oil prices eased inflation concerns.
What changed
Oil futures fell for a third straight session as reports emerged of Saudi Arabia providing alternative supply routes.
Live updates
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Oil Extends Losses as Middle East Supply Fears Ease
Oil prices extended losses for a third consecutive session, falling about 1% to 2% and reaching a one-week low, though they remained above $100 a barrel. The decline was driven by easing fears of Middle East supply disruptions following reports that Saudi Arabia offered ship-to-ship crude transfers and additional crude cargoes through Oman after a pipeline hit. The retreating oil prices also eased inflation concerns, helping drive a rally in Asian equities and Wall Street.
Why it matters
Recent attacks in the region have exposed vulnerabilities in Saudi infrastructure and raised concerns about major supply losses. Houthi military actions around the Bab al-Mandeb strait have left Saudi Arabia exposed and emboldened Iran. Alternative supply routes and transfer offerings have helped calm markets, though regional stability remains precarious.
What is confirmed
- Oil prices settled about 1% lower on Thursday.
- Oil prices eased about 2% on Thursday to a one-week low.
- Oil futures fell about 1% in Asian trading on Friday, marking a third consecutive session of declines.
- Asian equities advanced on Friday, extending a Wall Street rally as retreating oil prices eased inflation concerns.
Still unconfirmed
- Saudi Arabia reportedly offered ship-to-ship crude transfers after a pipeline hit.
- Reports indicated additional Saudi crude cargoes through Oman eased supply concerns.
What to watch next
- Developments regarding the security of the Bab al-Mandeb strait and Houthi actions
- Further official details on Saudi pipeline repairs and alternative shipping volumes
confidence 90%Sources used for this update (9)
- The New York Times — Saudi Pipeline Attack Risks ‘Disastrous’ Loss of Millions of Barrels of Oil
- Reuters — Insight: Houthi blitz leaves Saudi Arabia exposed, Iran emboldened
- cnbc.com — Oil extends losses as Saudi Arabia reportedly offers ship-to-ship crude transfers after pipeline hit
- Reuters — Oil prices extend losses as fears of Middle East supply disruptions ease
- Al Jazeera — ‘They called us’: Has Trump abandoned Bab al-Mandeb to the Houthis?
- www.aol.com — Oil falls 1% as investors watch Middle East supply disruptions
- www.marinelink.com — Oil Prices Fall 2% as Fears Ease of Middle East Supply Disruption
- finance.biggo.com — Oil Futures Fall 1% for Third Straight Session as Saudi Alternative Supply Route Eases Disruption Fears
- finance.biggo.com — Asian Equities Extend Rally as Oil Retreat Eases Inflation Fears
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