Oil Prices Extend Losses Amid Easing Supply Concerns

(RTTNews) - Oil prices fell sharply on Friday and headed for a weekly decline on hopes of limited supply disruption and renewed diplomatic efforts to end the conflict.

Brent crude futures tumbled 2.5 percent to $102.21 a barrel, extending losses for a third session. WTI crude futures were down 1.8 percent at $100.13 a barrel.

Both contracts were on track for modest weekly losses after a three-week series of gains.

Concerns over supply disruptions eased following Saudi Arabia's efforts to reroute crude exports through Oman and restore the East-West pipeline.

It was reported that China privately urged Iran to curb Houthi attacks after Saudi Arabia's appeal, a move that could potentially ease disruptions around the Bab el-Mandeb.

U.S. President Donald Trump stated that Washington is "hopefully toward the end" of its fighting with Iran and that he has spoken "directly" with Iranian officials.

Ahead of a planned meeting next Tuesday with leaders from six Gulf countries on the sidelines of the UN General Assembly in New York, Trump said that he is approaching a critical juncture in the Iran war over whether to resume massive attacks to bring the conflict to a close.

Meanwhile, the United States has approved the potential sale of 48 F-35 Lightning II Joint Strike Fighters to Saudi Arabia, marking a significant policy shift from the U.S.