Arabic version: تراجع أسعار النفط مع آمال بتقدم دبلوماسي بين الولايات المتحدة وإيران
According to Cnbc, oil prices fell Tuesday as traders looked for potential diplomatic progress between the United States and Iran, despite a recent escalation in tanker attacks and strikes against Saudi Arabia. U.S. West Texas Intermediate futures for November dropped 0.9% to $102.75 a barrel after reaching a session high of $110.48. The November contract expires Tuesday.
WTI futures for December were down 1% at $97.50 a barrel. Global benchmark Brent crude for December delivery declined 1% to $108.31 a barrel, retreating from a session high of $111.99.
Developments in the Middle East remained central to trading. Attacks on commercial vessels passing through the Strait of Hormuz have increased in recent weeks, with at least 18 ships coming under fire during the past two weeks, according to ship tracker Kpler. Iran’s Revolutionary Guard Corps said two “non-compliant” oil tankers had been set ablaze in the strait after hitting mines laid by its naval unit, Tasnim reported.
Iranian Foreign Ministry Spokesperson Esmaeil Baqaei said Tehran would respond to any American strike “in equal measure, if not more forcefully,” according to Tasnim. U.S. President Donald Trump said earlier this month that American forces would not attack Iran before the Nov. 3 midterm elections. PVM Oil Associates analyst Tamas Varga said front-end WTI strength before contract expiry reflected tight global crude supplies, citing falling Middle East export volumes, tanker attacks, Houthi strikes on Saudi oil infrastructure and expectations for lower U.S. commercial oil stocks.
