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Oil Dips on Iran Move

Oil Dips on Iran Move

Oil prices fell on Tuesday after U.S. President Donald Trump played down the likelihood of military action against Iran, easing concerns about supply disruptions. Brent crude fell 70 cents to $91.88 a barrel, while West Texas Intermediate dropped to $86.07. Trump said he would suspend strikes in response to appeals from regional leaders, while the naval blockade in the Strait of Hormuz would remain in place temporarily. A Reuters survey showed OPEC production rose in October, led by Saudi Arabia, Kuwait and Iraq. Brent is down about 22% from its peak of $118, but analysts ruled out a drop below $90 unless signs of de-escalation or a comprehensive agreement between Washington and Tehran emerge, as risks to ships transiting the strait persist.

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