Oil Prices Fall as Trump Signals Iran Talks

Oil prices fell Friday after President Donald Trump posted on Truth Social that the United States was having productive discussions with Iran and would not attack Iran before the November 3 midterm elections. Brent crude traded around $103.53 a barrel by 0220 GMT, down 72 cents or 0.7 percent; U.S. WTI traded around $90.97, down 52 cents or 0.6 percent. Brent had settled 4 percent higher Thursday and was on track for a weekly gain; WTI was set for a slight weekly decline. Trump also said Iran is in very bad condition economically and militarily, the blockade will remain in full force, and record oil volumes were moving through the Hormuz Strait with none to or from Iran. Tasnim reported Foreign Minister Abbas Araqchi said Tehran is reviewing the U.S. response to a proposal to reopen the Strait of Hormuz within seven days. Washington on Thursday imposed fresh sanctions on individuals, networks and 17 vessels tied to Iranian oil shipments. The conflict is in its eighth month. Hurricane Isaias forced about 1.3 million barrels per day of Gulf of Mexico oil production offline. The Strait previously carried about one-fifth of global oil and fuel flows. No left-rated or center-rated coverage appears in the record.