RismadarVoice Reporters
September 17, 2026
Global oil prices extended their decline on Thursday as concerns over immediate supply shortages eased following Saudi Arabia’s move to make additional crude available to Asian refiners through Oman.
Despite the decline, crude prices remained above $100 per barrel as traders continued to monitor the escalating Middle East conflict and its potential impact on major oil-producing facilities and export routes.
Brent crude futures fell 19 cents, or 0.2 per cent, to $105.64 per barrel in early trading, while United States West Texas Intermediate crude declined 33 cents, or 0.3 per cent, to $102.10 per barrel.
Both benchmarks had dropped by about $3 per barrel on Wednesday.
Saudi Arabia is offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman’s Sohar port, helping to reduce concerns over supplies disrupted by attacks on the kingdom’s East-West pipeline.
The pipeline transports crude to the Red Sea export terminal at Yanbu, where loading operations were suspended following the attacks.
SAUDI ARABIA ADJUSTS EXPORT ROUTES
Oil prices had risen to around four-month highs earlier in the week after crude loadings at Yanbu were suspended and Saudi Arabia cancelled some deliveries to European customers.
Two pumping stations serving the East-West pipeline were reportedly damaged, with the timeframe for completing repairs remaining uncertain.
Yanbu had become increasingly important to Saudi crude exports following disruptions to shipping through the Strait of Hormuz, historically one of the world’s most important energy corridors.
Before the current conflict, about one-fifth of global oil supply passed through the strait.
Saudi Arabia’s decision to increase crude shipments through Oman has provided some relief, although market analysts said the additional flows would only partly compensate for supplies affected by the disruption at Yanbu.
ANALYSTS SEE $85-$95 BRENT IF TENSIONS EASE
Market analysts said the direction of oil prices would largely depend on developments in the Middle East and whether attacks on energy infrastructure and major shipping routes persist.
Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, said concerns over tight supplies had eased following reports that Saudi Arabia would move additional cargoes through Oman.
He also said expectations of progress towards reducing Middle East tensions ahead of next week’s US-China summit were limiting further increases in crude prices.
Analysts at Saxo Bank said increased flows through the Strait of Hormuz were only partly replacing export volumes lost following attacks on Saudi Arabia’s East-West pipeline.
DBS Bank, meanwhile, said its base-case projection for the fourth quarter assumes an easing of the US-Iran conflict, which could allow Brent crude to stabilise between $85 and $95 per barrel.
However, Suvro Sarkar, the bank’s head of energy research, said continued attacks and disruptions around the Strait of Hormuz and Red Sea could push prices towards $120 per barrel before potentially retreating towards $100.
CONFLICT KEEPS PRICES ABOVE $100
Continuing hostilities across the region have prevented a sharper decline in crude prices.
Fighting between Houthi forces and the Saudi-backed Yemeni government has intensified, while missile and drone attacks have heightened concerns over the security of Saudi infrastructure and Red Sea shipping routes.
The market is therefore balancing increased Saudi crude availability through Oman against the risk that further attacks could again restrict supplies.
For now, the alternative Saudi export arrangements have eased immediate supply fears, but analysts expect Middle East developments to remain a major driver of global oil prices.
