Global crude oil futures retreated on Friday as reports of regional diplomatic efforts to ease Persian Gulf maritime tensions triggered profit-taking, though severe disruptions across key pipeline networks and maritime chokepoints preserved substantial weekly gains.
China's factory activity shrank for a second straight month in August, but the contraction was milder than forecast — one of the few pieces of good news for policymakers as growth continues to lose steam.
Global crude oil futures surged over 3% on Wednesday, propelling Brent crude past the $100-per-barrel threshold to its highest settlement in more than three months following the largest exchange of naval and commercial tanker strikes between the United States and Iran since the conflict began.