Crude benchmarks extended their losses as Brent slipped to $92.33 a barrel and West Texas Intermediate dropped to $86.50 a barrel. The downturn reflects relief over paused U.S. military strikes, even though senior Gulf and American officials remain skeptical of any imminent peace pact. Pressure on pricing was further compounded by a Reuters survey showing higher October production among major OPEC exporters.
Key points
Energy risk premiums retreated after Donald Trump agreed to halt further military strikes…: Energy risk premiums retreated after Donald Trump agreed to halt further military strikes against Iran following diplomatic appeals.
The United States intends to maintain its naval blockade within the strategic waters of t…: The United States intends to maintain its naval blockade within the strategic waters of the Strait of Hormuz.
Direct U.S.-brokered talks between Russian and Ukrainian officials are scheduled to take…: Direct U.S.-brokered talks between Russian and Ukrainian officials are scheduled to take place on Tuesday for the first time since February.
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Brent crude futures fell 24 cents, or 0.23%, to $92.33 a barrel by 0102 GMT, while US West Texas Intermediate (WTI) futures fell 35 cents, or 0.40%, to $86.50 a barrel.
Brent settled down 5.85% in the previous session after sliding to its lowest since August 31.
Trump said on Monday he plans to hold off on new military strikes against Iran for the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks.
Trump, in a Reuters interview and a later appearance in the White House press briefing room, said he plans to keep up a naval blockade in the Strait of Hormuz for now.
"The market continues to prioritise President Trump's more conciliatory tone toward Iran since the midterms," said Tim Waterer, chief market analyst at KCM Trade.
"While attacks on shipping around the Strait of Hormuz are still occurring, they have not escalated in a way that has forced a fresh risk premium into the market," he said.
Market activity shows Ferrexpo equity facing downward pressure during today's trading session. Current reporting indicates that trading movement remains negative while additional details concerning the slide have not yet emerged. Observers await further updates to understand the specific drivers behind this downward performance.
Regional market participants drove strong momentum across domestic equities, pushing the Jakarta exchange into firmly positive territory by the closing bell. This solid upward push reflects sustained buying interest throughout the daily trading session. The performance demonstrates continued strength for local shares as market activities wrapped up for the day.