Oil prices retreat on easing US-Iran tensions
GLOBAL oil prices remained under pressure on Wednesday, with US crude trading near US$86 a barrel and Brent below US$92, as signs of easing tensions between Washington and Tehran raised hopes of a possible diplomatic settlement. US President Donald T...
Oil prices settled near $90 per barrel as US-Iran tensions eased, with Brent crude futures trading at $92.29 and US West Texas Intermediate (WTI) crude futures at $86.61. The decline came as the US and Iran reduced concerns over Middle East supply disruptions. Brent has dropped around 17% recently, with Middle Eastern crude exports recovering near pre-war levels, fueling supply glut concerns.
US President Donald Trump stated that war with Iran was effectively over and Washington was seeking a long-term arrangement to dismantle Tehran's nuclear program. Military action was not deemed necessary, but US forces remained ready to act if circumstances changed. OPEC production increased in October, led by Saudi Arabia, Kuwait, and Iraq, but export constraints and depleted global inventories still pose challenges for rebuilding oil stocks, which could take up to two years.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Crude cools off: Oil prices hold near $90 per barrel as US-Iran war tensions ease timesofindia.indiatimes.com
