- BIST10011,593-1.10%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,191.40+0.25%
- INTEREST37.00%-1.00
- BITCOIN82,130+0.14%
- October 19, 202617°
- BIST10011,593-1.10%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,191.40+0.25%
- INTEREST37.00%-1.00
- BITCOIN82,130+0.14%
- October 19, 202617°
Brent crude falls to $102.70 as Middle East supply concerns ease
Brent crude fell 2% to $102.70 per barrel at 8:30 a.m. Friday as concerns over a supply disruption in Saudi Arabia eased and statements about the war with Iran emerged.
Brent crude futures fell 2% to $102.70 at 8:30 a.m. Friday as risks to energy supplies in the Middle East and developments related to the war with Iran remained in focus. US crude futures also fell 1.7% to trade at around $100.50.
The decline in oil prices was driven by easing concerns over a supply disruption in Saudi Arabia and US President Donald Trump’s claim that direct contact had been established to end the war with Iran. Prices nevertheless remained elevated, increasing pressure on fuel prices and fueling inflation concerns in many countries.
Saudi oil pipeline remains under watch
Saudi Arabia aims to restore half the capacity of an oil pipeline that has been out of service in recent days after attacks by drones from Iraq last week.
The attacks and rising risks to major oil transportation routes in the Middle East had heightened concerns over supply disruptions. Riyadh’s plan for the pipeline helped ease those concerns.
Trump comments on contact with Iran
Trump claimed that direct contact existed between the United States and Iran and that the Iranians still strongly wanted to reach a deal. The US president made the remarks while speaking about the Iran issue ahead of the United Nations General Assembly meetings.
The United States has recently carried out military strikes on several sites in Iran, while negotiations between the two countries stalled over disputes concerning maritime traffic in the Strait of Hormuz. Iran also carried out attacks on US military facilities in several Arab countries, including Saudi Arabia. Some of the attacks killed civilians and damaged civilian facilities.
Iran said that more than 3,000 people had been killed in the war launched by the United States and Israel against the country on February 28. Tehran responded with attacks that killed Americans and Israelis.
Developments around Bab el-Mandeb monitored
Volatility in oil markets coincided with developments on Yemen’s western coast in recent days. Houthi forces advanced toward areas near the Bab el-Mandeb Strait, one of the world’s major maritime passages.
The development increased concerns about maritime traffic and energy shipments in the region. Oil markets continue to monitor developments related to the course of the war in the Middle East, as well as the state of supply.
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