Oil prices fall for third day as Saudi supply concerns ease despite Middle East conflict

On September 18, oil prices fell for a third day as easing concerns over Saudi supply disruptions outweighed Middle East conflict risks. Brent crude dropped 1.6% to $103.17 a barrel, and U.S. West Texas Intermediate fell 0.6% to $101.30. The decline was driven by Saudi Arabia loading more crude via Oman, rising oil product inventories in the US, Singapore, and Europe, and increased Chinese fuel exports. Despite fresh strikes between Saudi Arabia and Yemen's Houthis, markets shrugged off worries. Analysts noted that a sustained improvement in Hormuz traffic could unwind more geopolitical premium, but a prolonged fall below $100 was not justified.