China Intervenes in Saudi-Iran Conflict, Oil Prices Fall

Oil prices fell on Friday after China asked Iran to limit Houthi attacks on Saudi oil facilities, which have threatened a second oil export route in the Middle East.

The request from China came at the behest of Saudi Arabia, and it led to a decline in Brent crude futures by 0.93%, settling at $104.87 a barrel, while US West Texas Intermediate futures finished at $100.30 a barrel, down 1.58%.

Oil prices have been rising due to the ongoing conflict between the US and Iran, as well as the Houthi rebels' military activities in Yemen. The recent attacks have pushed up refining capacity issues worldwide, leading to higher fuel prices for key fuels like diesel.

In the US, retail diesel costs a record $6.45 a gallon, while gasoline averages $4.47 a gallon at a time when prices usually decline.