Crude oil prices in global markets fell more than 1%, with Brent crude slipping below 103 dollars per barrel and West Texas Intermediate crude dropping below 91 dollars per barrel, after investors eased concerns about an Iran war when U.S. President Donald Trump confirmed that the United States will not attack Iran before the U.S. midterm elections on November 3. As of 6:30 p.m. Thailand time, West Texas Intermediate crude for November delivery fell 0.92 dollars, or 1.01%, to 90.57 dollars per barrel, while Brent crude for December delivery fell 1.53 dollars, or 1.47%, to 102.75 dollars per barrel. Meanwhile, Tasnim news agency, a semi-official Iranian outlet, reported that Iranian Foreign Minister Abbas Araghchi said Iran has received U.S. comments on Iran's seven-day proposal and will send its response in the coming days. The proposal, submitted to the United States on September 22 through intermediaries on the sidelines of the 81st session of the United Nations General Assembly in New York, calls for ending hostilities and reopening the Strait of Hormuz. Oil prices were also pressured by a Reuters report that China, the world's largest oil importer, is preparing to resume exports of refined fuel after briefly suspending them during the Golden Week holiday, which would help ease tight supply conditions in global markets.
Brent slipped below $103 as reduced Iran war risk eased concerns over Middle East supply disruption.
WTI fell over 1% as Trump confirmed no US attack on Iran before midterms, easing war-related supply fears.
