Trump's comments induce minor oil decline
The anxiety over oil supplies in the Middle East eased after Trump’s statements, which ruled out attacking Iran before the midterm congressional elections, leading to a slight decline in global oil prices. Brent crude contracts fell to $103.53 per barrel, while West Texas Intermediate crude dropped to $90.97, although Brent still remains on track for weekly gains due to previous increases in tanker attacks. Meanwhile, WTI is expected to dip slightly as a hurricane approaches the Gulf of Mexico. Trump stated that dialogue with Iran is progressing productively and that there are no plans for an attack before the elections. Iran, for its part, is considering a response to a proposal to open the Strait of Hormuz within a week, amid ongoing U.S. pressure through new sanctions on ships and individuals linked to Iranian oil exports.
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