Brent crude and West Texas Intermediate have both settled at their lowest levels since August 31, trading at $92.29 and $86.61 per barrel respectively. Market sentiment shifted after President Donald Trump announced that military action against Iran is not currently necessary and that negotiations are showing positive momentum. Nevertheless, the White House confirmed that the U.S. naval blockade in the Strait of Hormuz will remain in place for now. Meanwhile, an October production increase led by Saudi Arabia, Kuwait, and Iraq has raised fresh concerns about a potential supply glut.
Key points
Energy markets are cooling down as positive diplomatic negotiations reduce the perceived…: Energy markets are cooling down as positive diplomatic negotiations reduce the perceived risk of extensive regional war.
American naval forces will keep enforcing the Strait of Hormuz blockade while seeking the…: American naval forces will keep enforcing the Strait of Hormuz blockade while seeking the dismantling of Tehran's nuclear program.
Physical supply strains persist globally, with industry officials estimating that repleni…: Physical supply strains persist globally, with industry officials estimating that replenishing depleted inventories will take two years.
Sources checked by our analysis pipeline: 1
Oil prices remained around the $90-per-barrel mark, with Brent crude futures trading at $92.29 per barrel, up 80 cents or 0.87%, while US West Texas Intermediate (WTI) crude futures rose 57 cents or 0.66% to $86.61 per barrel.
Both benchmarks had settled at their lowest levels since August 31 for a second consecutive session.
The decline comes as easing tensions between the US and Iran have reduced concerns over prolonged supply disruptions in the Middle East.
Brent has shed around 17% in recent trading sessions, with Middle Eastern crude exports recovering to near pre-war levels. The recovery has also fuelled concerns about a potential supply glut, adding to the pressure on oil prices.
Earlier on Monday, US President Donald Trump said that war with Iran was "militarily ... effectively over", signalling that he was not immediately considering a return to large-scale attacks.
"We're just keeping it the status quo," Trump told reporters during an appearance at the White House after meeting Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.
Trump said Iran had been "decapitated", but added…
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