Oil drops on Iran Strait hopes

Oil prices have fallen to their lowest levels in two weeks amid reports of a potential increase in oil flows through the Strait of Hormuz and the "East-West" pipeline in Saudi Arabia, which the Kingdom has resumed operations after drone attacks. The price of Brent crude dropped by 2.5% to $97.76 per barrel, while West Texas Intermediate declined by 3% to $89.58. An Iranian official confirmed that Tehran could open the Strait of Hormuz within seven days if Washington eases military pressure and lifts the blockade on Iranian ports. Meanwhile, Saudi Arabia had temporarily closed the pipeline in September to carry out repairs following attacks, which had impacted global oil flows.

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