Oil drops as China acts on Houthi attacks
Oil prices are gradually declining following diplomacy led by China at Saudi Arabia's request to pressure Iran into curbing Houthi attacks on Saudi oil infrastructure in the Middle East. Brent crude has fallen to $104.87 per barrel, while West Texas Intermediate has dropped to $100.30, though prices remain supported by ongoing geopolitical tensions, including escalation between the United States and Iran and increased Houthi attacks. These developments have pushed global fuel prices higher, with diesel reaching record levels. There are concerns about reduced American refining capacity and the risk of continued supply disruptions, as tensions in the Strait of Hormuz persist and attacks on the Saudi pipeline continue. These factors raise fears about the stability of the oil market and the duration needed for supplies to return to normal.
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