Crude Oil Falls to 6-Week Low
Crude oil fell below $86 a barrel on Tuesday, its lowest level since late August, extending a 4.4% decline on Monday, as investors increasingly anticipated a diplomatic resolution to the Middle East conflict. US President Donald Trump signaled that further strikes on Iran may not be necessary. Trump described Iran’s military capabilities as effectively defeated, while maintaining that the US remained prepared to act if needed. Meanwhile, congressional Democrats are considering using the upcoming government funding deadline to pressure the administration towards ending the conflict. Oil prices reversed sharply in November, as de-escalation hopes grew and exports from the region continued to recover. Despite ongoing attacks on shipping, traffic through the Strait of Hormuz increased, bringing Middle Eastern oil shipments close to pre-war levels. Saudi shipping firm Bahri also said it was sending tankers through the waterway in coordination with the US military.
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Crude oil fell below $86 a barrel on Tuesday, its lowest level since late August, extending a 4.4% decline on Monday, as investors increasingly anticipated a diplomatic resolution to the Middle East conflict. US President Donald Trump signaled that further strikes on Iran may not be necessary. Trump described Iran’s military capabilities as effectively defeated, while maintaining that the US remained prepared to act if needed. Meanwhile, congressional Democrats are considering using the upcoming government funding deadline to pressure the administration towards ending the conflict.
Oil prices reversed sharply in November, as de-escalation hopes grew and exports from the region continued to recover. Despite ongoing attacks on shipping, traffic through the Strait of Hormuz increased, bringing Middle Eastern oil shipments close to pre-war levels. Saudi shipping firm Bahri also said it was sending tankers through the waterway in coordination with the US military.