Oil fell to $91 per barrel after Trump’s statement on Iran, while Brent remains above $104
Kyiv • UNN
WTI fell to $91.19 after Trump’s statement about negotiations with Iran. Brent exceeded $104 the previous day.
Global oil prices fell after U.S. President Donald Trump said that Washington does not plan to attack Iran before the midterm elections in November. U.S. WTI crude fell to approximately $91 per barrel, while Brent closed above $104 the previous day. Bloomberg reports, writes UNN.
Details
As of 6:01 a.m. Singapore time, November WTI futures had fallen 0.3% and were trading at $91.19 per barrel. This followed a 3.6% rise in prices on Thursday.
Trump explained his position on Iran by citing "productive negotiations" with Tehran. He also said that oil shipments through the Strait of Hormuz had reached record levels.
The market remains tense because of the situation in the Middle East
Despite the U.S. president's statement, The New York Times reported that the Pentagon had prepared plans for a three-day military operation against Iran. Potential targets included missile arsenals, drone bases, and energy infrastructure.
Trump's aides held a secret meeting on Iran and more - Axios03.10.26, 10:00 • 9858 views
Additional pressure on the oil market is being caused by attacks on vessels, rising transportation costs, and the resumption of hostilities between Saudi Arabia and the Iran-backed Houthis.
Meanwhile, in the United States, producers in the Gulf of Mexico suspended approximately 1.3 million barrels per day of oil production due to the approaching Hurricane Isaias. This is more than 60% of the region's output, which could further affect global prices.