Oil down more than 4% on profit taking, report of China-backed push to end US-Iran fighting

Oil prices slid about 4% on Friday as traders took profits, but both Brent and WTI remain up roughly 7% this week.
Escalating Middle East tensions — U.S.-Iran strikes and Houthi attacks/closures near the Strait of Hormuz and Bab el‑Mandeb — have disrupted shipping and tightened energy markets.
China is reportedly pushing to restart U.S.-Iran peace talks, a development that could help calm the situation if it gains traction.