Oil prices extend decline as Saudi supply fears ease

Oil prices fell for a third consecutive session on Friday, September 18, 2026, as concerns over disruptions to Saudi Arabia’s crude supply continued to ease, offsetting lingering worries about the escalating conflict in the Middle East.

Brent crude futures dropped $2.30, or 2.2 per cent, to $102.53 per barrel by 0636 GMT, while U.S. West Texas Intermediate (WTI) crude futures declined $1.85, or 1.8 per cent, to $100.04 per barrel.

Brent prices are on track for their first weekly loss in three, down 2%.

Markets largely shrugged off concerns about new threats to supplies even as Saudi Arabia and Yemen’s Iran-backed Houthis exchanged fresh strikes ⁠across their border on Thursday, expanding the Middle East war front.

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Earlier this week, prices climbed to close to four-month highs as sources told Reuters that crude loadings at Saudi Arabia’s Red Sea export hub of Yanbu had been suspended and Riyadh cancelled some deliveries to Europe after its East-West pipeline was damaged in an attack last week.

However, prices have cooled off on reports Saudi Arabia was seeking to return about half the capacity of its East-West oil pipeline within days and the nation was offering more crude cargoes to Asian refiners through ship-to-ship transfers off Oman’s port of Sohar.

“Recent efforts to restore Saudi export capacity have reduced some of the immediate supply anxiety,” ‌said Priyanka ⁠Sachdeva, head of market insights at Phillip Nova.