Energy Preview: Oil prices retreat amid signs of easing supply concerns

Oil prices extend losses on Friday morning in Asia as supply concerns ease amid growing hopes for renewed diplomatic efforts to resolve the conflict and restore stable energy flows. Reports suggest Saudi Arabia is actively working to restore its energy infrastructure, targeting the recovery of roughly half the capacity of its East-West pipeline within days, with a full return to operations anticipated within six weeks. To maintain supply in the interim, the kingdom is rerouting a portion of its crude exports through the Strait of Hormuz. Currently, WTI crude oil is trading at $96.45 per barrel, down nearly 1% on the day while Brent is down 0.88% at $103.90 per barrel.

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