Stories
Crude Oil Prices Drop After Donald Trump Rules Out Iran Attacks Before Elections
- •Crude oil prices declined in early Asian trading on Friday after Donald Trump stated there would be no US attacks on Iran before the November 3 mid-term elections.
- •Brent crude fell 0.6% following an overnight gain above $104 a barrel, while US West Texas Intermediate dropped to around $90 a barrel.
- •Trump announced on Truth Social that productive discussions are underway with Iran, ensuring the Strait of Hormuz remains under US control and oil flows at record volumes.
- •Recent tensions included a surge in attacks on oil and commercial tankers in the Strait of Hormuz and the Persian Gulf during early October.
- •Traders are also monitoring Hurricane Isaias, which has halted over 60% of oil production in the US Gulf Coast region.
Key Questions Answered
Crude oil prices fell in early Asian trading on Friday, October 9, after US President Donald Trump stated that the US would not attack Iran before the mid-term elections on November 3. Brent crude dropped by 0.6% to around $104 a barrel, while West Texas Intermediate fell to approximately $90 a barrel.
According to the UK Maritime Organization, at least nine attacks on oil and commercial tankers occurred in the Strait of Hormuz and the Persian Gulf during the first seven days of October. Additionally, Iran's Fars news agency reported heavy explosions late Thursday night after oil tankers crossing the southern route were allegedly hit by mines.
Hurricane Isaias is expected to make landfall along the US Gulf Coast, putting Alabama, Mississippi, and the Florida Panhandle at risk. The storm has taken about 1.3 million barrels per day of oil supply off bounds, shutting down more than 60% of the region's output.
