Oil Falls by Over 2%
Crude oil fell more than 2% to below $96.50 a barrel on Tuesday after an unconfirmed report suggested that Qatar and Pakistan presented a new proposal to revive negotiations aimed at ending the Iran war. The news pushed prices down from four-week highs, as fighting intensified across the Middle East and Iran increased attacks on tankers in the Strait of Hormuz. Shipping risks remain a key concern, with maritime tracker Kpler reporting that at least 18 vessels had come under fire over the previous two weeks. Iran’s Revolutionary Guard Corps said on Tuesday that two oil tankers had caught fire after striking mines laid by its naval unit, according to the Tasnim news agency. Separately, Iranian Foreign Ministry spokesperson Esmaeil Baqaei warned that Tehran would respond forcefully to any US attack. US President Donald Trump said earlier this month that American forces would not strike Iran before the November 3 midterm elections.
Story updates
Crude oil fell more than 2% to below $96.50 a barrel on Tuesday after an unconfirmed report suggested that Qatar and Pakistan presented a new proposal to revive negotiations aimed at ending the Iran war. The news pushed prices down from four-week highs, as fighting intensified across the Middle East and Iran increased attacks on tankers in the Strait of Hormuz. Shipping risks remain a key concern, with maritime tracker Kpler reporting that at least 18 vessels had come under fire over the previous two weeks. Iran’s Revolutionary Guard Corps said on Tuesday that two oil tankers had caught fire after striking mines laid by its naval unit, according to the Tasnim news agency.
Separately, Iranian Foreign Ministry spokesperson Esmaeil Baqaei warned that Tehran would respond forcefully to any US attack. US President Donald Trump said earlier this month that American forces would not strike Iran before the November 3 midterm elections.