Oil Falls on Increased Middle East Flows
Crude oil slipped toward $89 per barrel on Thursday, reversing gains from the previous session amid signs of improving energy flows from the Middle East, despite an ongoing impasse in US-Iran negotiations. Crude shipments from the region were approaching pre-war levels, with estimates indicating flows through the Strait of Hormuz reached 13.2 million barrels per day, while Saudi Arabia restored half the capacity of its East-West pipeline. However, markets remain cautious about the sustainability of the recovery without a lasting agreement to end the Iran war, with both Tehran and Washington claiming full control over Hormuz. Meanwhile, Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal concerning the reopening of the strategic waterway. Elsewhere, OPEC+ is expected to leave November output quotas unchanged at its meeting this weekend.
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Crude oil slipped toward $89 per barrel on Thursday, reversing gains from the previous session amid signs of improving energy flows from the Middle East, despite an ongoing impasse in US-Iran negotiations. 2 million barrels per day, while Saudi Arabia restored half the capacity of its East-West pipeline. However, markets remain cautious about the sustainability of the recovery without a lasting agreement to end the Iran war, with both Tehran and Washington claiming full control over Hormuz. Meanwhile, Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal concerning the reopening of the strategic waterway.
Elsewhere, OPEC+ is expected to leave November output quotas unchanged at its meeting this weekend.