Symbolic imageBrent falls to 10-week low as Trump plays down new Iran strikes
Brent crude fell below $93 a barrel on Monday, its lowest since 1 September, after Trump said renewed strikes on Iran were unlikely. The New York Times puts the drop at about $20 since late October.
Brent futures for January delivery fell 5.61% to $92.80 on London's ICE exchange on Monday, 9 November, then pared losses to $93.93, while WTI traded 3.93% lower at $87.26, according to TASS. Trump told CNN it is "highly unlikely" he will have to wage war on Iran again as long as talks on its nuclear programme and the reopening of the Strait of Hormuz progress. He told Reuters the US is ready to resume strikes if necessary and is content with its naval blockade. He faces calls to end the nine-month war after his party's midterm defeat. An Equiti Group analyst told The National that Brent could fall toward $90-95 under sustained de-escalation, while Bloomberg cites an unconfirmed report that Iran eased its Hormuz demands.
Hormuz and Riyadh remain risks
Iran's Revolutionary Guard said on Sunday that three oil tankers exploded and caught fire in the strait after using what it called unauthorised routes. Houthi rebels claimed new attacks on Riyadh, including Aramco storage sites and the airport, which could threaten Saudi output.
OPEC output recovers
A Reuters survey shows OPEC production rose in October to about 90% of its pre-war rate.