ConocoPhillips shares declined Wednesday alongside other oil and gas exploration and production companies as crude prices retreated after a two-day rally. Brent fell 3.3% to settle near $105.12 a barrel, while WTI dropped 3.9% to around $101.72, according to Reuters. Saudi Arabia has begun routing additional crude to Asian buyers through ship-to-ship transfers near Oman's Sohar port, easing concerns over attacks that disrupted the pipeline linking the country's east with its Red Sea coast. Oil had surged more than $3 the previous day after reports that Saudi Arabia paused loadings at its Yanbu export terminal and canceled some European shipments. Yanbu became more important to Saudi exports after Iran moved to block the Strait of Hormuz earlier this year in response to American and Israeli military action. Traffic through the strait remained unusually low, with four vessels observed Tuesday versus seven the prior day and a recent 10-day average of 18. U.S. crude inventories also weighed on prices: the Energy Information Administration reported a decline of roughly 640,000 barrels last week, compared with the 1.62 million-barrel draw economists surveyed by Reuters had expected. Gasoline and distillate supplies increased, with diesel inventories rising more than forecast. Again Capital's John Kilduff described the report as negative for prices, saying finished fuel supplies were steady to slightly higher while crude drawdowns had largely stalled. ConocoPhillips shares were down 4.69% at $134.60 at the time of publication, according to Benzinga Pro.