Oil, Iran
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Iran, Trump and UN General Assembly
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Oil prices advanced on Friday, cutting into losses over the past several sessions.
Oil fell Thursday, as traders assess a report that Asia is on track to import its highest volume of crude oil since the start of the US-Iran war.
Satellite images show growing oil pollution as a result of the Middle East conflict, raising concerns for turtles, whales, reefs and mangroves.
Continued oil flows through the Strait of Hormuz and a restart of Saudi Arabia's East-West pipeline could ease physical supply pressures, analysts at MUFG said. However, persistent tanker attacks and limited progress in U.S.-Iran diplomacy should keep oil-market volatility and the geopolitical risk premium elevated, they said.
The oil and gas sector shrank 26 percent, new official data shows, pointing to the costs of the US-Israel war on Iran.
At the start of the Iran war, many feared that Tehran's closure of the Strait of Hormuz would send oil prices through the roof and throttle the global economy.
By Helen Clark PERTH, Sept 23 (Reuters) - Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.
Israeli Prime Minister Benjamin Netanyahu promises 'surprises' for UN speech one day after the son of the Israeli Ambassador to the US was injured in a West Bank attack. Iran continues to accelerate its nuclear program pushing crude oil prices up.