Oil steadied — after losing more than 9% over the previous four days — as Middle East supply concerns eased and traders tracked an apparent uptick in efforts to end the US-Iran war.
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.
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