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Global crude oil prices fell for a second consecutive session on Thursday as concerns over a major disruption to Middle Eastern supplies eased after reports that Saudi Arabia had proposed additional crude shipments through Oman.
Brent crude futures fell $1.24, or 1.2%, to $104.59 a barrel, while US West Texas Intermediate (WTI) futures declined $1.14, or 1.1%, to $101.29.
The reported Saudi proposal eased concerns about potential supply shortages stemming from the ongoing conflict in the Middle East. The prospect of additional shipments reduced some of the risk premium that had pushed prices higher in recent sessions.
Both benchmarks had already fallen by nearly $3 a barrel on Wednesday, putting them on course for a second straight session of losses.
The Middle East remains a key source of global energy supplies, leaving oil markets highly sensitive to developments in the region. Signs that supply routes can remain operational tend to reduce upward pressure on prices.
However, uncertainty remains high as the conflict continues. Any fresh disruption to production, transportation or export routes could quickly push crude prices higher again.
