Oil holds near two-week lows as Gulf supply improves and Iran diplomacy advances

Oil prices held near two-week lows on Wednesday as improving Gulf crude supplies and hopes for a diplomatic resolution to the US-Israeli war on Iran eased supply concerns. Brent crude rose 0.16 per cent to $99.41 a barrel, while WTI fell 0.55 per cent to $90.02. Saudi Arabia resumed operations on its East-West Pipeline to the Red Sea, rerouting about 4 million barrels per day to Yanbu port, and offered more barrels to Asian refiners outside the Strait of Hormuz. Iraq also increased exports, while a senior Iranian official said the strait could reopen within seven days if US military pressure eases. US crude inventories rose by 1.8 million barrels last week, contrary to analyst expectations of a decline. President Trump backed a diesel export ban to lower record-high prices, though analysts warn such a measure could worsen global supply disruptions.