Saudi shipping company Bahri reported a net profit of $1.36 billion for the third quarter, ten times higher than a year earlier, as tanker rates spiked amid disruption near the Strait of Hormuz.
WTI crude rose toward $100.75 on Wednesday after Yemen's Houthi forces claimed a missile attack on Saudi Arabia's Ras Tanura refinery, rekindling worries about oil supply disruption.
Eight OPEC+ producers are expected to keep their December production targets unchanged when they meet on Sunday, as attention shifts toward setting new output baselines for 2027.
A fire broke out near Saudi Arabia's Ras Tanura export hub on the Persian Gulf early Tuesday following an attack, though Saudi authorities contained the blaze quickly, a person familiar with the matter said.
Brent crude fell to $114.85 a barrel and WTI to $100.87 as diplomatic visits to Iran raised hopes for de-escalation, pulling prices back from last week's multi-month peaks.
Yemen's Houthi forces said Monday they struck pump facilities along Saudi Arabia's East-West crude pipeline, the Kingdom's main alternative route to the Strait of Hormuz. Riyadh had yet to confirm the claim.
Saudi Arabia's crude oil production climbed 12.2% month-on-month in September to 8 million barrels per day, according to Al Rajhi Capital Research data, as the Kingdom rerouted exports around disrupted Gulf shipping lanes.
Riyadh and Singapore agreed to store Saudi crude in underground caverns on Jurong Island from the second half of 2027, a long-term response to Hormuz shipping risks that has no near-term impact on oil supply.
WTI crude eased to around $101.10 a barrel after President Donald Trump said there would be no immediate military action against Iran, pulling prices back from a one-day gain of more than 4%.
Gold (XAU/USD) traded near $4,025 in early Asian hours on Friday, its weakest level in more than two months, after oil prices surged on fresh attacks in Saudi Arabia ahead of next week's Federal Reserve meeting.