Oil rose for a second day as uncertainty over progress in US-Iran talks outweighed signs of strong demand and a resumption of flows through a key pipeline from top exporter Saudi Arabia.
Oil ticked higher as strong demand for physical barrels collided with easing supply disruptions in the Middle East and progress toward reopening the Strait of Hormuz, though repeated false starts have left traders skeptical.
Oil rose as signs of tightness across several key market gauges outweighed indications of diplomatic progress toward reopening the critical Strait of Hormuz.
US diesel futures slumped as speculation swirled that the White House is considering an export ban, with key refinery infrastructure around the globe still offline.
Oil dipped as Saudi Arabia sought to resume flows on a vital pipeline, while traders parsed clues on the trajectory of the US-Iran war and progress toward reopening the Strait of Hormuz.
Oil fell, settling near $100 a barrel, on signs Saudi Arabia is boosting exports via the key Strait of Hormuz and fresh hopes for diplomatic progress in the Iran war.
Oil fell for a third straight session amid shifting concerns about Middle East supply, with Saudi Arabia pausing some sales to Europe though traders and analysts saying buffers still hold for now.
Oil retreated on indications that some of the recent supply outages in the Middle East are beginning to resolve and traders adjust positions after a blistering rally over recent sessions.
Oil jumped, as outages at a key Saudi Arabia pipeline and Libyan oil fields added supply risks to a market already feeling the pinch from barrels lost to the Iran war.
Oil rose, with fears of a tightening market after Saudi Arabia closed a major crude pipeline pitted against signs that the US may still be seeking a diplomatic resolution with Iran.
Brent oil dipped Friday but gained significantly overall for the week as the Iran war and threats against Saudi Arabia from Houthi militants keep traders on edge.
Brent oil spiked over $107 a barrel, the highest in nearly four months, as deteriorating conditions in the Middle East heightened concerns over global supplies.
Brent oil advanced to the highest since late July as another round of strikes on Middle East energy infrastructure, including reported explosions at Iran’s vital export hub Kharg Island, stoked fears of fresh supply tightness.
Oil swung in thin holiday trading as renewed fighting between the US and Iran heightened supply concerns, while rare signs of progress toward ending the Russia-Ukraine war chipped away at the geopolitical risk premium.
Oil crept higher as Iran claimed fresh strikes on US bases, while Saudi Arabia’s smaller-than-expected hike to its flagship crude prices offset some concerns about market tightness.
Oil steadied near the highest closing level in five weeks as fighting again raged between the US and Iran, renewing the threat to energy exports from the Middle East.
US oil prices topped $90 a barrel and European gas prices surged to a three year high, as fresh American strikes on Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz.
<iframe src="https://statesidedaily.com/embed/cluster/47ef52095e32dea7628acf3c63fb9ac5254c8bad" width="100%" height="320" style="border:0;max-width:680px" loading="lazy" title="Latest Oil Market News and Analysis for Sept. 29"></iframe>
