The official price of Oman crude oil for November delivery rose sharply on Wednesday, gaining $3.61 to reach $132.09 per barrel, up from $128.48 in the previous trading session. Despite this increase, the monthly average price of Oman crude for September delivery stood at $76.36 per barrel, marking a decline of $2.73 compared to the August delivery price.

Global oil prices, however, showed a slight decline early Wednesday following reports that Saudi Arabia was offering additional crude shipments through Oman, easing some concerns over potential prolonged supply disruptions in the Middle East. Brent crude futures fell by 59 cents, or 0.54%, to $108.16 per barrel as of 09:26 GMT, while U.S. West Texas Intermediate crude decreased by $1.20, or 1.13%, to $104.63 per barrel.

The previous session had seen oil prices climb more than $3 after shipping industry sources reported a suspension of crude loadings at Saudi Arabia’s Yanbu export terminal on the Red Sea. Riyadh also cancelled several cargo deliveries scheduled for European customers, heightening fears of extended disruption to a critical oil export route.

The supply concerns stem from drone attacks that damaged a major pipeline supplying Saudi Arabia’s Red Sea export facilities. In response, Saudi Arabia has reportedly started offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Sohar Port in Oman. This alternative export channel appears to be mitigating worries about a larger-scale disruption.

“News around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing,” said UBS analyst Giovanni Staunovo, highlighting the market’s cautious optimism amid the evolving situation.

Market participants continue to monitor developments closely, as the region remains vulnerable to supply interruptions that could influence global oil markets in the weeks ahead.