Saudi Pipeline Restart Hopes Buoy Global Energy Markets Amid US-Iran Talks

Oil prices have been swinging as Saudi Arabia works to restart its key pipeline and the US flags progress in talks with Iran.

Saudi Arabia aims to restore a critical lifeline for global markets by Saturday, resuming exports from the Persian Gulf at an elevated pace.

The US and Iran are making diplomatic efforts, including meetings via Qatar, but market participants remain cautious about reading too much into progress claims.

Oil prices have rallied more than 60% this year, with diesel surging even higher due to fighting between Russia and Ukraine that's knocked out refining capacity.