Brent hits $99 midweek as US dollar nears $90
Oil prices experienced a slight decline on Wednesday as Saudi Arabia resumed oil supplies through a vital pipeline leading to the Red Sea, amid growing hopes for a diplomatic resolution to the crisis between the United States and Iran. Brent crude oil traded at $99.18 per barrel, while West Texas Intermediate was at $90.17, with shipping activity through the Strait of Hormuz falling below the ten-day average. These developments come amidst market optimism about potential talks between Washington and Tehran, despite sharp threats, which pushed oil prices below $100 for the first time since early September. Additionally, Saudi Arabia restarted the East-West pipeline after previous attacks had halted its operation, while Iraq saw an increase in its oil exports, and the number of ships passing through the Strait of Hormuz decreased to below the average.
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