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Oil Prices Fall More Than 3% on Hopes of US-Iran Diplomatic Progress
Oil flows out of the Gulf have increased substantially, easing the huge supply disruption caused by the United States/Israel war on Iran.
Oil flows out of the Gulf have increased substantially, easing the huge supply disruption caused by the United States/Israel war on Iran. Crude exports from the Gulf averaged 24.6 million barrels per day (bpd) in the week to October 18, exceeding the pre-war average, according to market intelligence firm Kpler.
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Oil Prices Fall More Than 3% on Hopes of US-Iran Diplomatic Progress
Oil prices fell more than 3% on hopes of diplomatic progress between the United States and Iran. Oil flows out of the Gulf have risen substantially, easing the large supply disruption caused by the US and Israeli war on Iran. According to market intelligence firm Kpler, crude exports from the Gulf averaged 24.6 million barrels per day in the week to October 18. That volume exceeded the pre-war average. The recovery in supply has eased pressure on global crude markets. Whether the diplomatic talks produce a settlement will determine how durable the price decline is.