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Oil prices declined for a third consecutive session on Friday as improving prospects for Saudi Arabian crude exports eased immediate supply concerns, outweighing fears that escalating Middle East tensions could disrupt global energy flows.
Brent crude futures fell 79 cents, or 0.75%, to $104 per barrel by 0319 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 70 cents, or 0.69%, to $101.20. Both oil benchmarks lost roughly 1% on Thursday.
Brent is heading toward its first weekly decline in three weeks, down about 0.5%, while WTI remains on course for a 1.2% weekly gain.
Geopolitical risks remain elevated after Saudi Arabia and Yemen’s Iran-backed Houthis exchanged fresh cross-border strikes on Thursday, widening the Middle East conflict. However, traders have focused more heavily on signs that Saudi oil supply disruptions could be temporary.
Crude prices had climbed close to four-month highs earlier in the week after reports that loadings at Saudi Arabia’s Yanbu Red Sea export terminal were suspended. Riyadh also reportedly canceled some European deliveries after an attack damaged its East-West oil pipeline.
Prices subsequently retreated following reports that Saudi Arabia was working to restore roughly half of the pipeline’s capacity within days. The kingdom has also offered additional crude cargoes to Asian refiners using ship-to-ship transfers near Oman’s Sohar port.
Priyanka Sachdeva, head of market insights at Phillip Nova, said efforts to restore Saudi export capacity had reduced immediate supply anxiety. Still, uncertainty remains over how quickly physical crude flows can fully normalize.
Oil prices remain above $100 per barrel as traders await clearer evidence of improving supply conditions and safer shipping through the region. A sustained recovery in Strait of Hormuz traffic could further reduce the geopolitical risk premium embedded in crude prices.
Shipping risks remain significant. Iran’s Revolutionary Guards Navy said a Togo-flagged oil tanker was struck Thursday while attempting what it described as an “illegal passage” through the Strait of Hormuz.
Meanwhile, U.S.-Iran tensions remain unresolved after an interim agreement reached in June collapsed within weeks. The conflict is expected to feature in discussions at next week’s United Nations General Assembly.
