International Oil Prices Drop Around 3% as Saudi Arabia Proposes Oil Transshipment from Oman

International oil prices declined by around 3% on Wednesday. Reports emerged that Saudi Arabia has proposed additional oil supply measures following the attack on its pipelines, easing some concerns over supply disruption. Brent crude futures fell 2.7% to $105.83 per barrel, while West Texas Intermediate (WTI) futures dropped 3.2% to $102.43 per barrel. CNBC reported that Saudi Arabia suggested transshipping oil via the port of Sohar in Oman to supply Asian refineries through ship-to-ship transfers. This proposal comes after drone attacks disrupted Saudi Arabia's east-west pipelines connecting to Red Sea ports. Reuters noted that Saudi state-owned oil company Aramco has proposed this alternative shipping method to long-term buyers in Asia.