Oil falls on report China pushing for end US-Iran war

Crude oil prices fell sharply after reports that China is pushing to end US-Iran conflict, with Brent settling at $96.78 a barrel (down 3.88%) and WTI at $89.31 a barrel (down 3.12%), though both benchmarks remain on track for weekly gains of nearly 10% and 8.27% respectively. Disruptions to the Strait of Hormuz and Red Sea shipping continue, with JPMorgan estimating each additional month of supply disruption could add $7-8 per barrel to Brent prices.