Oil benchmarks recovered as traders pivoted from U.S. midterm focus to Middle East supply concerns, with Brent reaching $103.60 and WTI hitting $95.98 per barrel.
Brent crude rebounded from a four-week low to $103.60 as traders refocused on Middle East supply fears, with energy consultancies warning against too much Gulf oil supply rebound optimism. This supports higher prices in the near term, though reports that Iran may be open to discussions could cap gains if they lead to increased supply.
Traders shifted attention from U.S. midterms to Middle East supply fears, awaiting the next step in the war.
Reports that Iran may be open to discussions could ease supply concerns if they lead to a diplomatic resolution.
WTI crude rebounded from a four-week low to $95.98 as traders refocused on Middle East supply fears, with energy consultancies warning against too much Gulf oil supply rebound optimism. This supports higher prices in the near term, though reports that Iran may be open to discussions could cap gains if they lead to increased supply.
Traders shifted attention from U.S. midterms to Middle East supply fears, awaiting the next step in the war.
Reports that Iran may be open to discussions could ease supply concerns if they lead to a diplomatic resolution.
Brent crude and WTI rebounded from four-week lows as market sentiment shifted back to geopolitical risks in the Middle East. Energy analysts cautioned against over-optimism regarding a rapid recovery in Gulf oil supply, providing a floor for prices despite earlier reports of potential diplomatic progress with Iran.
Traders shifted their focus from U.S. midterm elections back to Middle East supply fears, awaiting the next developments in the ongoing conflict.
Reports suggesting Iran may be open to discussing previously non-negotiable issues could ease supply concerns and potentially cap price gains if diplomatic progress is made.