Crude Oil Pares Gains
Crude oil rose to as high as $87.75 a barrel on Thursday before paring gains toward $86 a barrel, the lowest since August 31, as signs of recovering Saudi Arabian supply outweighed escalating tensions between Washington and Tehran. Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years, while Iraq also raised production to a wartime record. Exports remained resilient despite disruptions to the Strait of Hormuz, supported by alternative routes such as Saudi Arabia’s East-West pipeline to the Red Sea and ship-to-ship transfers. Meanwhile, President Donald Trump said the US no longer needs a deal with Iran, signalling a shift away from recent diplomatic efforts. Tehran also maintained a hardline position, with senior official Mohsen Rezaee ruling out the removal of any enriched nuclear material from the country.
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Crude oil rose to as high as $87.75 a barrel on Thursday before paring gains toward $86 a barrel, the lowest since August 31, as signs of recovering Saudi Arabian supply outweighed escalating tensions between Washington and Tehran. Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years, while Iraq also raised production to a wartime record. Exports remained resilient despite disruptions to the Strait of Hormuz, supported by alternative routes such as Saudi Arabia’s East-West pipeline to the Red Sea and ship-to-ship transfers.
Meanwhile, President Donald Trump said the US no longer needs a deal with Iran, signalling a shift away from recent diplomatic efforts. Tehran also maintained a hardline position, with senior official Mohsen Rezaee ruling out the removal of any enriched nuclear material from the country.