Oil prices continue their downward trend as hopes rise for the resumption of Saudi oil exports from the Red Sea.

In the afternoon of Friday, the benchmark Brent crude oil price fell by 1.5% to the $103 range. Over the past three days, as hopes increased for the restoration of facilities damaged in a Saudi east-west oil pipeline, the price of oil has dropped by about $4; however, it is still 45% higher than the period before the Middle East war.

Meanwhile, global stock markets have also had a positive trend; with the U.S. S&P and Nasdaq indexes showing gains of 1.14% and 1.67%, respectively.

The Asian stock market indexes are also seeing growth; with the Shanghai market up nearly 1% and Japan’s Nikkei market recording a 1.38% rise in its index.