Oil Prices Fall as Middle East Supply Concerns Ease
Oil prices declined for the third consecutive day as supply concerns in the Middle East eased. West Texas Intermediate (WTI) dropped towards $101 a barrel, shedding nearly 4% over the previous two sessions. Meanwhile, Brent crude closed below $105.
Saudi Arabia has started restoring its damaged East-West pipeline to the Red Sea coast, aiming to return around half of its capacity within days. Some tankers have continued to navigate through the contested Strait of Hormuz.
US President Donald Trump announced he was approaching a 'big decision' on whether to re-escalate attacks on Tehran. He is set to meet with Gulf leaders next week in New York, which may shape the US-Iran war. Additionally, Trump will hold a summit with Chinese counterpart Xi Jinpeng that might touch upon the conflict.
Beijing has privately asked Iran to help rein in Houthi militants after an appeal by Riyadh, according to Reuters. The Yemen-based militant group has made advances towards the Bab el-Mandeb chokepoint and attacked facilities in Saudi Arabia.