Oil prices extended losses for a second day as expectations for repairs to Saudi Arabia’s East-West Pipeline and increased crude shipments through the Strait of Hormuz eased concerns about Middle East supply disruptions. West Texas Intermediate fell to near $102 a barrel, while Brent settled below $106, after WTI dropped 3.2% in the previous session. Saudi Arabia expects to restore about half of the pipeline’s capacity within days and resume full operations in roughly six weeks. The pipeline carries crude from eastern Saudi Arabia to Red Sea terminals and provides an alternative to Hormuz. Chris Wright, the U.S. energy secretary, said 18 million barrels a day of crude and petroleum products passed through the strait earlier in the week, compared with a seven-day average of about 11 million barrels a day. Oil prices have risen about 75% this year amid Middle East supply disruptions linked to the U.S.-Iran war and the prolonged Russia-Ukraine war, intensifying global inflation pressures. The Federal Reserve raised its benchmark rate by 0.25 percentage point and signaled that further tightening could follow. The disruption continues to threaten Saudi exports, revenue and Vision 2030 investment plans, although the kingdom retains roughly $1.4 trillion in sovereign wealth fund assets and foreign reserves. U.S. crude inventories also fell by 640,000 barrels to 423.4 million barrels, contrasting with the American Petroleum Institute’s earlier estimate of a 7.1 million-barrel increase.