⚡️🇺🇸🇮🇷 — Oil Prices Fall as Trump Comments on Iran Talks Ease Middle East Supply Concerns, — Reuters.

​➡️ Oil prices fell on Friday as Middle East supply concerns eased after U.S. President Donald Trump said the country will not attack Iran before U.S. elections next month, amid productive talks to end their war that has disrupted global energy markets. Brent crude futures fell 92 cents, or 0.9%, to $103.36 a barrel by 0632 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 75 cents, or 0.8%, to $90.74, though Brent is still set to rise on a weekly basis after settling 4% higher on Thursday.

​➡️ On Thursday, Trump stated that Washington was having "productive discussions" with Iran and said no attack was planned before the November 3 midterm congressional elections following media reports that he was considering an attack before then. Simultaneously, Iran's Tasnim news agency reported that Foreign Minister Abbas Araqchi said Tehran is reviewing the U.S. response to its proposal that would reopen the Strait of Hormuz within seven days, though analyst Linh Tran noted that the prospect of easing tensions still needs to be reinforced by concrete progress in negotiations and improvements in shipping safety.

​➡️ Despite these talks, the U.S. continues to press Iran economically by imposing sanctions on Thursday targeting individuals, networks, and 17 vessels for transporting Iranian crude, oil products, and petrochemicals. Markets are also contending with broader supply disruptions across refined fuels, upcoming Chinese fuel exports following Golden Week, an International Energy Agency agreement to accelerate the release of oil stocks and prioritize diesel supplies, and Hurricane Isaias in the Gulf of Mexico, which forced producers to shut in about 1.3 million barrels per day (or 62.9%) of current oil production as of Thursday.

⭐️ Follow @MaxOsintIntel