Oil
Oil prices fell about 3% on Friday on mounting hopes for a truce between the US and Iran, even as traders worried that increasing attacks against Saudi Arabia by Houthi fighters could further disrupt supply from the Middle Eastern producer.
Brent crude futures settled at $104.32 a barrel, and US WTI crude finished at $92.41 a barrel. For the week, Brent rose 0.4% while WTI fell 9.7%.
US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.
In the Middle East, however, Saudi, Turkish and Pakistani military chiefs are to discuss help for Saudi Arabia as it faces attacks by the Houthis. The Houthis have launched strikes on Saudi Arabia, disrupting oil flows from the world's largest energy exporter.
Gas
Asian spot liquefied natural gas (LNG) prices eased on Friday from a near four-year high this week, as subdued northeast Asian demand and hopes for progress in US-Iran talks weighed on the market.
The average LNG price for November delivery into northeast Asia was $25.85 per million British thermal units, down from $27.00 per mmBtu the week before.
Northeast Asia is largely covered heading into this winter, as Japan's inventories are healthy and any pre-winter restocking by South Korea is likely to be limited by expectations of mild weather, analysts said.
In Europe, the Dutch TTF gas price settled at $24.09 per mmBtu, posting a weekly loss of 9.5%. Strong LNG imports, healthy send-out rates and seasonally weak demand helped ease near-term supply concerns, leaving comfortable cargo availability across both prompt and forward delivery windows.
