Oil Prices Decline for a Third Consecutive Session Amid Hopes for Alternative Middle East Supply Routes

Oil prices fell by around 1% in Asian trading on Friday, extending their decline for a third consecutive session, while remaining above the $100-per-barrel mark. Hopes of securing alternative routes to deliver Middle Eastern crude to global markets outweighed concerns over regional disruptions.

Brent crude futures dropped $1.01, or 1%, to $103.77 per barrel, while U.S. West Texas Intermediate crude futures fell $1.03, also 1%, to $100.88 per barrel.

Both benchmarks had settled nearly 1% lower on Thursday, following a rise earlier in the week to their highest levels in approximately four months.