Oil prices fall at the start of the week as Iran talks continue
🛢️ Brent fell 1.40% to $111.84 a barrel and WTI dropped 1.50% to $102.56 in early Asian trading on November 2, based on prices at 00:11 UTC.
🤝 Iran and Qatar entered a third day of talks aimed at advancing a deal to end the war. Diplomatic hopes and the absence of major military escalation over the weekend eased immediate concerns.
🚢 However, attacks on tankers in the Strait of Hormuz continue to strain shipping and supply. OPEC+ kept December production targets unchanged, while export disruptions remain unresolved.
⚖️ The pullback following last week’s gains is insufficient to confirm a trend reversal. A sustained easing in prices would require tangible progress in negotiations and shipping security.
🗳️ The November 3 US midterm elections remain a key event to watch. Statements on Iran and developments around Hormuz could keep oil prices volatile.
#OilMarket $CL $BZ
🛢️ Brent fell 1.40% to $111.84 a barrel and WTI dropped 1.50% to $102.56 in early Asian trading on November 2, based on prices at 00:11 UTC.
🤝 Iran and Qatar entered a third day of talks aimed at advancing a deal to end the war. Diplomatic hopes and the absence of major military escalation over the weekend eased immediate concerns.
🚢 However, attacks on tankers in the Strait of Hormuz continue to strain shipping and supply. OPEC+ kept December production targets unchanged, while export disruptions remain unresolved.
⚖️ The pullback following last week’s gains is insufficient to confirm a trend reversal. A sustained easing in prices would require tangible progress in negotiations and shipping security.
🗳️ The November 3 US midterm elections remain a key event to watch. Statements on Iran and developments around Hormuz could keep oil prices volatile.
#OilMarket $CL $BZ
