Crude Oil Prices Extend Losses as Middle East Supply Concerns Ease | September 17, 2026

Crude Oil prices fell in early trade on Thursday, September 17, 2026, extending the previous session’s losses as reports of additional Saudi crude cargoes being offered through Oman eased concerns about supply disruptions, as per news reports. 

Brent crude futures declined $1.24, or 1.2%, to $104.59 a barrel by 0049 GMT, while US West Texas Intermediate futures fell $1.14, or 1.1%, to $101.29. Both contracts had dropped by around $3 on Wednesday. 

Saudi Crude Supplies Ease Market Concerns 

Saudi Arabia is offering additional crude loadings to Asian refiners through ship-to-ship transfers off Oman’s Sohar port, according to people familiar with the matter. The move has reduced some concerns over the impact of recent attacks on Saudi Arabia’s East-West pipeline. 

Oil prices had climbed to around four-month highs earlier this week after crude loadings at Saudi Arabia’s Red Sea export hub of Yanbu were reportedly suspended. Riyadh also cancelled some deliveries to European customers following attacks on the pipeline. 

East-West Pipeline Damage Remains a Concern 

Two pumping stations serving the East-West pipeline were damaged in an attack last week. The timeline for repairs remains unclear, according to assessments from oil and security sources. 

Yanbu became a key outlet for Saudi oil exports after Iran began blockading the Strait of Hormuz following US and Israeli attacks on Iran at the end of February. Before the conflict, the Strait of Hormuz carried around one-fifth of the world’s oil supply. 

Middle East Tensions Continue 

Despite Thursday’s decline, concerns over the wider Middle East conflict remain. Saudi warplanes carried out strikes in Yemen, while Houthi fighters launched drones and missiles towards Saudi cities, according to the Iran-backed group. 

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US Crude Inventories Fall Less Than Expected 

US crude inventories also provided a signal for the market. The US Energy Information Administration reported that crude stocks fell by about 640,000 barrels last week, marking a smaller decline than expected. 

Conclusion 

Oil prices remain sensitive to developments affecting Middle East supply routes. Additional Saudi cargoes through Oman have eased immediate supply concerns, while pipeline damage, regional hostilities and US inventory data continue to influence market movements. 

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