Oil dropped for a third day as supply concerns eased and traders looked to the next round of diplomacy that'll shape the US-Iran war. West Texas Intermediate fell toward $101 a barrel after shedding almost 4% over the two previous sessions, while Brent closed below $105.

In the Middle East, Saudi Arabia has moved to restore the damaged East-West pipeline to its Red Sea coast, aiming to return about half its capacity within days. At the same time, some tankers have continued to traverse the contested Strait of Hormuz.

Saudi Arabia is ramping up prompt sales of crude from outside the Strait of Hormuz following the shutdown of the kingdom's East-West pipeline. Noam Raydan, William Sudhaus Senior Fellow at the Washington Institute, joins Bloomberg Businessweek to discuss the latest.