Saudi Pipeline Restarts Bolster Oil Prices Amid US-Iran Talks

Oil prices rebounded on Wednesday after five consecutive sessions of declines as traders assessed improving Saudi export capacity and renewed diplomatic efforts between the United States and Iran.

Brent crude futures rose to $103.08 a barrel, while West Texas Intermediate settled at $92.16.

The market considered whether improving oil flows from Saudi Arabia could ease supply concerns, with the country working to restore its East-West pipeline, which carries crude towards the Red Sea.

Testing of the pipeline is underway, raising expectations that Saudi oil exports could increase as the route returns to service.