Oil dips as China appeals to Iran to temper Houthis’ attacks on Saudi oil infrastructure

Oil prices fell on Friday after China, acting at Saudi Arabia’s request, urged Iran to curb Houthi attacks on Saudi oil facilities, easing concerns about a second Middle East export route disruption. Brent settled at $104.87 a barrel and WTI at $100.30, down about 0.9%–1.6%. The move comes amid ongoing Middle East tensions and tightening refining capacity, with IIR Energy forecasting a weekly U.S. refining-capacity drop of about 371,000 barrels per day, underscoring that the current issue is refining bottlenecks rather than supply alone. Market sentiment remains murky as geopolitical risks persist and disruptions in key routes, including Saudi pipelines and Hormuz traffic, weigh on near-term prospects.