Saudi Pipeline Restoration Eases Oil Prices as Trump Hopes for Iran War End

Oil prices have eased slightly after Saudi Arabia announced plans to restore half of its cross-country oil pipeline's capacity within days, alleviating some supply concerns.

The move by Saudi Aramco is expected to resume part of the pipeline's capacity, with the company aiming to fully restore it in about six weeks. Meanwhile, US President Trump told reporters that he hopes the war with Iran is nearing its end and has spoken directly with Tehran, a departure from his previous hawkish comments.

Trump also plans to meet with Gulf leaders on the sidelines of the UN General Assembly in New York next Tuesday to discuss further steps in the conflict. The meeting comes after Trump's draft Gaza peace plan was presented last year, leading to a deal to end the war shortly afterward.

The signals of potential de-escalation may keep oil prices in check around recent highs for now. However, stronger signs of de-escalation could trigger selloffs in oil prices, making it crucial for traders to stay focused on breaking news and Trump's updates.