Brent Extends Decline on US-Iran Diplomacy Hopes
Brent crude fell below $100 a barrel on Monday, extending losses for a fourth session after US President Trump reportedly decided against bombing Yemen for now and indicated he was open to diplomacy with Iran. Trump reportedly rejected calls from Saudi Arabia to strike the Houthis and said he would probably be open to meeting Iranian President Masoud Pezeshkian during this week’s UN General Assembly in New York. Meanwhile, crude exports from the Middle East have proven resilient even after Saudi Arabia closed its East-West pipeline following attacks. Saudi Arabia moved crude through the Strait of Hormuz at 2.9 million barrels a day over the past six days. Satellite images showed supertankers with capacity for 14 million barrels at Saudi Arabia’s Gulf export terminals over the weekend, the highest tanker count observed since at least June. Overall, however, traffic through the Strait of Hormuz continued to decline.
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Brent crude fell below $100 a barrel on Monday, extending losses for a fourth session after US President Trump reportedly decided against bombing Yemen for now and indicated he was open to diplomacy with Iran. Trump reportedly rejected calls from Saudi Arabia to strike the Houthis and said he would probably be open to meeting Iranian President Masoud Pezeshkian during this week’s UN General Assembly in New York. Meanwhile, crude exports from the Middle East have proven resilient even after Saudi Arabia closed its East-West pipeline following attacks. 9 million barrels a day over the past six days.
Satellite images showed supertankers with capacity for 14 million barrels at Saudi Arabia’s Gulf export terminals over the weekend, the highest tanker count observed since at least June. Overall, however, traffic through the Strait of Hormuz continued to decline.