Crude oil slipped toward $101 per barrel on Friday, extending losses for a third straight session as fears of supply disruptions in the Middle East eased and optimism grew over renewed diplomatic efforts to end the conflict and restore energy flows. Saudi Arabia aims to restore roughly half of the capacity on its East–West pipeline within days, with a full return to normal operations expected within six weeks. In the interim, the kingdom is diverting some crude exports through the Strait of Hormuz.
To reduce exposure to potential Iranian attacks, shuttle vessels now move crude through the strait and transfer it to tankers waiting outside the area. Separate reports indicated that China has pressed Iran to help rein in Houthi militants after a request from Riyadh, following a surge in rebel attacks on Saudi energy infrastructure. Meanwhile, President Donald Trump said he was considering whether to resume strikes on Iran ahead of a meeting with Gulf leaders in New York next week.