Crude oil prices fell toward $100 a barrel on Thursday, extending a 3.2% decline from the previous session, as fears of major supply disruptions eased. Saudi Arabia signaled it could restore roughly half of the damaged East–West pipeline’s capacity within days and return it to full operation within six weeks. In addition, Riyadh is offering extra crude cargoes to Asian refiners via ship-to-ship transfers off the coast of Oman, creating an alternative export route after disruptions at the Yanbu terminal.
These measures have alleviated immediate concerns about a severe supply shortfall, though the market remains highly sensitive to any further escalation in the Middle East. The Strait of Hormuz is still contested and remains a vital artery for global oil flows, while the Russia–Ukraine conflict continues to disrupt refined-product markets through ongoing attacks on Russian refineries.
