Author: Farhan Rafid

Oil prices rose as investors weighed the prospect of improved Saudi export flows and U.S.-Iran diplomacy against the potential for further disruptions.

Oil prices moved lower after Japan’s Kyodo News Agency reported that Iran proposed to reopen the Strait of Hormuz if the U.S. lifts its blockade.

Improving flows through the Strait of Hormuz and prospects for renewed diplomacy over the Iran conflict eased immediate supply concerns.

Oil futures fell, with market concerns about Saudi Arabia supply disruptions tempered by expectations that some flows could soon be restored through the kingdom’s damaged East-West Pipeline.

Oil prices fell amid expectations that Saudi Arabia could soon restore some oil flows through its damaged East-West pipeline while shipping crude through the Strait of Hormuz.

Oil prices fell ahead of the Federal Reserve’s interest-rate decision and amid continuing disruptions in the Middle East keeping supply risks elevated.

Oil prices rose to four-month highs with the shutdown of Saudi Arabia’s East-West Pipeline and Houthi threats to shipping in the Red Sea keeping the market on edge about supply out of the Middle East.

Oil prices slipped back Friday after a string of gains, but ended the week sharply higher as traders assessed growing risks to Middle East crude exports.

Brent topped $100 a barrel for the first time since July as fresh U.S.-Iran attacks and Iranian missile fire into Jordan added to an escalating conflict.

The attacks come as the U.S.-Iran war continues to disrupt energy flows through the Strait of Hormuz.

Attacks on energy-sector facilities in southern Saudi Arabia temporarily halted some operations.

Renewed fighting revived concerns the conflict could become more prolonged and further disrupt oil flows through the Persian Gulf, just as supply risks are being compounded elsewhere.