Oil Slides as China Urges Iran to Curb Houthis, Easing M.East Tensions

Crude oil prices slid on Thursday, extending Wednesday's declines, following reports that China is urging Iran to curb Houthi actions in Yemen after a Saudi Arabian appeal. This development, alongside Saudi Arabia offering additional crude cargoes through Oman and a smaller-than-expected draw in U.S. inventories, eased concerns about Middle East supply disruptions. The potential de-escalation in regional tensions could reduce safe-haven demand for gold and alleviate inflationary pressures, potentially impacting the Pakistani Rupee positively due to lower import costs.

بحوالہ / Source: oilprice.com