Crude oil recovered above $100 a barrel on Friday, staying near its four-month high of $106 reached earlier in the week as supply disruptions continued. US President Trump said the US could resume attacks against Iran next week after dialogue involving Tehran, Washington and GCC states (Gulf Cooperation Council members) failed to improve tanker flows through the Strait of Hormuz. Saudi Arabia’s East-West pipeline remained shut after being struck by Irani forces in Iraq, preventing 7 million barrels per day from reaching the Red Sea as an alternative route to tankers halted by Persian Gulf blockades. The prolonged disruption has pushed major OPEC members to reduce output, with Saudi production recently falling to its lowest level since 1990. Falling Chinese oil stockpiles prompted the world’s largest importer to increase August orders, while the US SPR (Strategic Petroleum Reserve) remains near a record low.