Oil Prices Slide Amid Saudi Cuts and Middle East Turmoil

Saudi Arabian Oil Company, commonly known as Saudi Aramco, has announced deeper-than-expected price cuts for crude oil sales to Asia, reflecting a weak demand outlook. This move comes as Brent crude hovers around $71 per barrel and West Texas Intermediate trades above $67. The decision follows OPEC+ delaying the reinstatement of suspended production, further highlighting the fragile market conditions.

Meanwhile, geopolitical tensions have escalated with the overthrow of the Syrian regime, sending ripples across the Middle East. This development poses significant challenges for Syria's allies, Russia and Iran, adding uncertainty to the global oil market. The combination of these factors has contributed to oil prices recording their second consecutive weekly loss, signaling persistent market volatility.

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