During Asian trade on Friday, WTI crude pulled back from a May 19 high near $104 but losses were limited; the contract was trading above $102 and posted a third straight session of gains. Supply-disruption concerns have offset tentative diplomatic optimism. Escalating hostilities between Iran-backed Houthi forces in Yemen and Saudi Arabia are keeping a geopolitical risk premium intact and may continue to support oil prices.

Putin said Botswana, Seychelles and Togo plan to open embassies in Moscow and that Russia supports the moves.

The Wall Street Journal reports Ukrainian forces have informally paused attacks on Russian refineries after weeks of pressure that has shaken Kyiv’s confidence in US support. The pause, not officially announced by Kyiv, began early last week and is expected to last through the US midterm elections and possibly into November. Two Ukrainian officers said units conducting long-range strikes were told in mid‑October that, after completing current missions, operations against refineries would be suspended. The move followed public pressure from former US President Trump and restrictions on Ukrainian use of SpaceX’s Starlink; Ukraine’s defence minister told the president the pause was appropriate given the delicate diplomatic situation, and the president agreed while leaving open the option for forces to resume strikes unilaterally.