Oil heads for steep weekly losses as Middle East tensions cool - Markets retreat after Trump signals progress toward deal to end conflict involving Iran, Israel and US Oil prices posted steep weekly losses Friday as signs of de-escalation between Iran, Israel and the US eased fears of disruptions t»»»

Saudi Arabia’s oil supply to the market fell to 7,763 thousand barrels per day in March 2026, the lowest since June 2020, down by 2,348 tb/d from 10,111 tb/d in February, according to OPEC data, as the Middle East conflict severely disrupted exports. Production also dropped to 6,967 tb/d from 10,88»»»