China's Intervention Fails to Stem Oil Price Drop

Oil prices have taken a hit after China asked Iran to limit attacks by Houthi rebels on Saudi oil infrastructure, a key export route in the Middle East.

Brent crude futures settled at $103.87 per barrel, and US WTI crude finished at $100.30 per barrel, with Brent falling 0.7 percent for the week while WTI gained 0.2 percent.

The recent upsurge in attacks by Iran-aligned Houthis has pushed up oil prices in recent weeks, combined with refining capacity issues worldwide, which have driven up key fuel prices such as diesel in major markets.

Despite China's reported intervention, analysts say the outlook remains murky, and the Strait of Hormuz remains largely cut off, with only four commodity vessels passing through on Thursday.