Oil held a two-day drop, as rising Persian Gulf exports and a steep price cut by Saudi Arabia reinforced signs of a loosening market.
Oil fell as Saudi Arabia cut crude prices for Asian buyers in a sign that physical supplies are becoming more readily available as Middle Eastern exports recover.
Diesel prices plunged as G7 countries signaled they would release emergency supplies, aiming to relieve some pressure on consumers who are grappling with soaring energy costs.
Oil rose back over the $100 mark as investors weighed a potential return to active conflict between the US and Iran, a prospect that could further tighten crude oil and refined product supplies.
Oil rose the most in three weeks as tensions spiked in the Middle East, with the US and Iran exchanging strikes for the first time in about a month and fighting appearing poised to continue.
Oil rose on signs that diplomatic efforts toward an agreement over the Strait of Hormuz hit stumbling blocks, casting doubt on a sustainable increase in energy flows through the world’s most important energy chokepoint.
Oil eased in a choppy session as traders weighed progress on diplomatic efforts to resume shipping through the Strait of Hormuz against fresh risks of a global supply squeeze.
Oil fell after US Treasury Secretary Scott Bessent announced what he called an “unprecedented” campaign to isolate Iran from the global economy, as the US seeks to pressure Tehran to loosen its grip on the Strait of Hormuz.
Oil capped a weekly gain as traders awaited details of a US campaign to isolate Iran’s economy, with no apparent end in sight to a conflict that has slashed Middle East exports.
Oil climbed to the highest in almost a month, as Donald Trump’s threat to crush the Iranian economy further clouded the prospect of ending a war that has upended energy markets.
Oil rose to the highest in more than three weeks, as US refiners ramped up crude consumption and a spat between the United Arab Emirates and Iran heightened regional tensions.
Oil edged up to a three-week high, with the US and Iran stuck in a deadlock over control of the Strait of Hormuz.
Oil edged higher as traders weighed a US threat to impose unprecedented economic measures on Iran, with the war that snarled the Strait of Hormuz in its sixth month.
Oil snapped its run of recent gains, as limited progress over a deal to end the Iran war left traders parsing how much oil is crossing the Strait of Hormuz.
Oil swung between gains and losses as traders parsed a barrage of data from leading energy forecasters amid little sign of a breakthrough between Iran and the US over the Strait of Hormuz.
Oil edged up in a choppy session as traders expressed skepticism over the potential for a deal that would imminently restore flows through the Strait of Hormuz, even as officials tout progress.
Oil embarked on a steady climb higher as Iran and Oman remained short of a deal to reopen the Strait of Hormuz, while European diesel prices surged following an attack on a Saudi Arabian refinery near the Red Sea.
Oil steadied as tensions in the Middle East flared while traders monitored progress toward a deal between Iran and Oman to restore shipping through the Strait of Hormuz.
Oil extended gains after an Iranian news agency reported that the Islamic Republic struck “hostile targets” in the Strait of Hormuz.
Oil fell for a third straight session on signs that the US and Iran are nearing a deal to reopen the Strait of Hormuz and restore millions of barrels of daily shipments disrupted by months of war.
Oil slid to the lowest in over three weeks as optimism grew that the US and Iran are moving closer to an agreement that would reopen the vital Strait of Hormuz chokepoint.
Oil fell after US President Donald Trump called off a planned attack on Iran and said new talks with the Islamic Republic would begin on Monday.
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