Oil Slides for Third Session
Crude oil fell toward $101 per barrel on Friday, extending its decline for a third consecutive session as concerns over supply disruptions in the Middle East eased and hopes grew for renewed diplomatic efforts to end the conflict and restore energy flows. Saudi Arabia is targeting the recovery of around half the capacity of its East-West pipeline within days, with a return to full operations expected within six weeks. In the meantime, the kingdom is rerouting some crude exports through the Strait of Hormuz. Shuttle vessels transport crude through Hormuz before loading tankers waiting outside the strait, limiting their exposure to potential Iranian attacks. Reports also suggested that China had urged Iran to help curb Houthi militants after an appeal from Riyadh, as the rebel group intensified attacks on Saudi energy infrastructure. Meanwhile, President Donald Trump said he was weighing whether to resume attacks on Iran ahead of a meeting with Gulf leaders in New York next week.
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Brent crude fell to around $104 per barrel on Friday, extending its decline for a third consecutive session as concerns over supply disruptions in the Middle East eased and hopes grew for renewed diplomatic efforts to end the conflict and restore energy flows. Saudi Arabia is targeting the recovery of around half the capacity of its East-West pipeline within days, with a return to full operations expected within six weeks. In the meantime, the kingdom is rerouting some crude exports through the Strait of Hormuz. Shuttle vessels transport crude through Hormuz before loading tankers waiting outside the strait, limiting their exposure to potential Iranian attacks.
Reports also suggested that China had urged Iran to help curb Houthi militants after an appeal from Riyadh, as the rebel group intensified attacks on Saudi energy infrastructure. Meanwhile, President Donald Trump said he was weighing whether to resume attacks on Iran ahead of a meeting with Gulf leaders in New York next week.