Oil Prices Fall on Hopes of Easing Middle East Tensions... WTI Drops Below $100
International oil prices fell amid hopes that peace talks in the Middle East could make progress. However, uncertainty over oil supplies remains, as military clashes continue in the region.
On Tuesday (local time), U.S. West Texas Intermediate (WTI) crude for December delivery settled at $99.90 per barrel on the New York Mercantile Exchange, down 1.83% from the previous session. Brent crude for December delivery fell 1.67% to settle at $113.88 per barrel on the ICE Futures Exchange in London.
The resumption of diplomatic dialogue among Middle Eastern countries contributed to the decline in international oil prices. The previous day, Iran and three members of the "Mecca Joint Defense Agreement"—Saudi Arabia, Pakistan and Türkiye—held high-level talks in Tehran and agreed to continue dialogue aimed at strengthening regional peace and security cooperation.
However, military tensions in the Middle East remain high. Armed clashes continue, including an airstrike by Yemen's Iran-aligned Houthi rebels on Saudi Arabia's largest refinery, Ras Tanura.
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Swiss investment bank UBS forecast that Brent crude prices would remain around $110 per barrel through the end of the year, given the instability of oil supplies in the Middle East and geopolitical uncertainty.
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