US oil prices fall as investors gauge risks to Mideast supply

US crude prices dipped slightly on Thursday, alleviating some of the previous day's gains, as market participants assessed the potential impact of heightened tensions in the Middle East on oil supplies. The benchmark US West Texas Intermediate (WTI) crude futures experienced a decline of 92 cents, or 0.9%, to $101.86, following a drop to $101.75 a barrel.

The previous day, the WTI crude futures had surged by 3%. Yemen's Houthi rebels targeted Aden airport on Wednesday, according to government officials, following the group's warning for citizens to evacuate amid escalating conflict in the region. On Tuesday, the Houthis claimed they launched a missile at Saudi Arabia's largest oil refinery, a complex capable of producing 550,000 barrels of oil per day.

However, Saudi authorities had not officially confirmed the strike by that time. Qatar's mediators have presented Iran with a new proposal aimed at resolving the ongoing conflict with the United States and Israel, according to a source familiar with the negotiations. Nevertheless, a senior Iranian official dismissed the proposed deal as nothing more than "unacceptable ideas that don't constitute an offer."