Crude oil prices initially fell to $94.50 on Thursday but rebounded to nearly $97.50 following Saudi Arabia’s decision to offer additional cargoes to Asian refiners via a shipping route bypassing the Strait of Hormuz. This alternative route through Oman helped ease supply concerns.
According to FX Street, the price recovery was driven by the increased availability of Saudi crude, which provided relief to markets wary of potential disruptions in the strategic Gulf passage. The move highlights Saudi Arabia’s role in stabilizing oil flows amid regional tensions.
For Japanese markets, where energy imports are crucial, the development could ease some volatility in crude prices, impacting refining margins and broader equity sentiment tied to energy costs.