Iran and Saudi Arabia will restore diplomatic ties, easing a geopolitical rivalry in the Persian Gulf that has unnerved oil markets.
Oil prices held losses after the announcement, which could soften the geopolitical premium that has periodically hit the market as a result of tensions between the two adversaries, especially over the war in Yemen where they back opposing sides. The US welcomes any efforts to end the war in Yemen and de-escalate tensions in the Middle East, a National Security Council spokesperson said, adding that the US was aware of reports on the restoration of diplomatic ties.
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