Crude Oil Prices Ease Toward $100 as Middle East Tensions Mount
Crude oil prices eased towards $100 per barrel on Friday as market speculation mounted over potential increases in supply from the Middle East.
The four-month high of $106 reached earlier this week was a result of tensions between Iran and other countries, which led to concerns about the likelihood of higher supply.
US President Trump's comments suggested that the US could re-escalate attacks against Iran, despite recent attempts at dialogue between Tehran, Washington, and GCC states having not resolved maritime oil exports.
Saudi Arabia stated that its East-West pipeline could come online in the next few days, which would alleviate pressure on the Red Sea after strikes from Iran-affiliated armies suspended its operation, preventing 7 million barrels per day from being allocated to the region.
Major OPEC members have cut oil production due to dwindling stockpiles of oil in China driving import orders up by August and US SPR levels standing at a near-record low.