Oil slips as Saudi Arabia offers more crude via Oman
Inactive oil pump jacks at an agricultural fields in Dacano, Colorado, U.S., May 11, 2026. REUTERS/Kevin Mohatt
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
Sept 16 : Oil prices fell on Wednesday as reports that Saudi Arabia was offering additional crude cargoes via Oman eased concerns about the scale of Middle East supply disruptions.
Brent crude futures were down 83 cents, or 0.76 per cent, to $107.92 a barrel at 0801 GMT, while U.S. West Texas Intermediate futures were down $1.41, or 1.33 per cent, at $104.42 a barrel.
In the previous session, oil prices settled more than $3 higher after shipping industry sources said crude loadings at Saudi Arabia’s Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some cargo deliveries to European customers, deepening concerns that disruptions to a critical export route could persist for weeks.
However, Saudi Arabia is offering more loadings of crude oil to Asian refiners via ship-to-ship transfer off Oman’s Sohar port after drone attacks damaged its key oil pipeline to the Red Sea, people familiar with the matter said.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
“News around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing,” said UBS analyst Giovanni Staunovo.
Visible vessel transits through the Strait of Hormuz remained in the single digits at four on Tuesday, down from seven a day earlier, preliminary shipping data showed on Wednesday. That was well below the 10-day average of 18.
The waterway handled a fifth of the world’s oil and liquefied natural gas supply before the U.S.-Israeli war on Iran began in late February.
Macquarie analysts said flows of crude, condensate and refined products through the Strait of Hormuz had remained resilient despite escalating hostilities in the region and may have risen to more than 7.5 million barrels per day since fighting resumed on August 30. They said the link between developments in the strait and oil flows had weakened.
Citi expects near-term escalation in the Middle East to continue supporting crude oil and refined fuel prices before the Strait of Hormuz eventually reopens in the fourth quarter of 2026 with support from regional diplomatic efforts, the bank said in a note.
European diesel futures settled at a record high and rose to their highest intraday level since April on Tuesday, underscoring tightness in fuel markets as Middle East disruptions constrained crude and product flows.
“I would expect, unless there is a peace deal or an improvement in the situation in Russia, that diesel prices stay supported,” Staunovo said.
U.S. INVENTORIES WEIGH
Separately, U.S. crude oil, gasoline and distillate inventories all rose last week, market sources said on Tuesday, citing data from the American Petroleum Institute.
Crude inventories rose by 7.1 million barrels in the week ended September 11, the sources said, citing API data. That compared with analysts’ expectations for a draw of about 1.6 million barrels, according to a Reuters poll.
API’s data showed unexpected increases in gasoline and diesel inventories have weighed on prices, but regional stock increases do not change the underlying tightness in the global crude market, Haitong Futures said in a note.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
