Oil slips as Gulf supply outlook brightens with Hormuz reopening chatter

Oil prices dipped to a two-week low as Gulf supply prospects improved: Iran suggested the Strait of Hormuz could reopen within seven days if US pressure eases, and Saudi Arabia was set to resume exports from Yanbu after a pipeline restart. Brent traded around $98.23 a barrel and WTI around $93.30, with front-month contracts hitting their lowest levels since early September. Analysts expect limited downside unless Hormuz-linked supplies rise further, even as diesel shortages persist in Europe and the US amid broader geopolitics.