Global oil prices have fallen following an unexpected increase in U.S. crude inventories; however, concerns about a possible disruption to Saudi Arabia’s oil supply remain in the markets.
Al Jazeera reported on Wednesday, September 16 (25 Sunbula), that traders are assessing the state of global oil supply and existing vulnerabilities in the market.
According to the report, Brent crude futures fell by 93 cents, or 0.86 percent, to $107.82 per barrel. U.S. West Texas Intermediate (WTI) crude also fell by 97 cents, or 0.92 percent, to $104.86.
The decline comes as Houthi attacks on Saudi Arabia’s East-West pipeline and the country’s oil export facilities in Yanbu have heightened concerns about global supply disruption and further oil price increases.
Despite the recent decline, global oil prices remain higher than prices before the start of the U.S.-Iran war in world markets.
