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Oil falls as China constrains Houthi attacks
Oil prices decreased on Friday following a diplomatic initiative led by China at Saudi Arabia's request to pressure Iran, aiming to curb Houthi attacks on Saudi oil infrastructure. These attacks threaten one of the Middle East's most vital oil export routes. Brent crude fell to $104.87 per barrel, while West Texas Intermediate dropped to $100.30 per barrel. Despite this, prices remained supported by ongoing geopolitical tensions, including escalating clashes between the United States and Iran and an increase in Houthi attacks, which have driven up global fuel prices, especially diesel. The company "IIR Energy" anticipates a reduction in U.S. refining capacity by 371,000 barrels per day next week, amid continued pressures on supplies, decreased shipping traffic through the Strait of Hormuz, and impacts on oil supplies from Saudi Arabia. These factors contribute to increased uncertainty regarding market stability and future oil prices.
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