Brent crude prices dropped to about $103 per barrel on Thursday as concerns over a prolonged disruption to oil supplies from the Middle East began to ease.

Brent futures fell $2.67, representing a 2.5 per cent decline, to close at $103.13 per barrel. US West Texas Intermediate crude also dropped by $1.61, or 1.6 per cent, to $100.82 per barrel.

The decline came after Saudi Arabia moved to provide additional crude shipments to Asian refiners, helping to reduce concerns over supply shortages following attacks on the country’s East-West oil pipeline.

Saudi Arabia was reportedly supplying some of the extra crude through ship-to-ship transfers near Oman’s Sohar port.

The East-West pipeline carries crude to Yanbu on the Red Sea and was damaged in attacks last week, affecting three pumping stations.

Saudi Arabia is working to restore roughly half of the pipeline’s capacity within days, according to reports cited by Reuters. The development has helped ease fears that the disruption could persist for an extended period.

Earlier in the week, Brent crude had climbed to around $109 per barrel after reports that oil loadings at Yanbu had been halted and some shipments to European buyers were cancelled.

The pipeline disruption had raised concerns about a possible reduction in global crude supplies, with traders estimating that a prolonged shutdown could affect as much as four per cent of worldwide oil supply.

However, uncertainty remains over the exact timeline for completing repairs. US Energy Secretary Chris Wright had previously said the pipeline could resume operations within days.

The recent fall in crude prices follows a sharp rise earlier in the week, which also contributed to higher petrol prices at the Dangote Petroleum Refinery.