Oil prices fall as Trump signals pause in military action against Iran

Résumé détaillé

Brent crude falls 1.7% to $90.99 a barrel and WTI drops 1.8% as Trump's remarks ease concerns over prolonged supply disruptions in the Middle East

On the supply side, Opec oil output rose in October, a Reuters survey found, led by gains in Saudi Arabia, Kuwait and Iraq despite continued ​constraints on exports

Oil prices fell on Tuesday, extending losses from the previous session after US President Donald Trump downplayed the ​need for additional military action against Iran "at this point," easing ​fears of sustained supply disruptions from the Middle East.

Brent crude futures declined 1.7 per cent to $90.99 a ‌barrel at 0759 GMT, while US West Texas Intermediate (WTI) futures fell 1.8 per cent to $85.20 a barrel. Both benchmarks had fallen about 2 per cent in the session.

Brent settled down 5.85 per cent in the previous session after sliding to its lowest since August 31.

Trump said on Monday he plans to hold off on new military strikes against Iran for the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks.

Trump, in a Reuters interview and a later appearance in the White House press briefing room, said he plans to keep up a naval blockade in the Strait of Hormuz for ‌now.

"The market continues to prioritise President Trump's more conciliatory tone toward Iran since the midterms," said Tim Waterer, chief market analyst at KCM Trade.

"While attacks on shipping around the Strait of Hormuz are still occurring, they have not escalated in a way that has forced a fresh risk premium into the market," he said.

On the supply side, Opec oil output rose in October, a Reuters survey found, led by gains in Saudi Arabia, Kuwait and Iraq despite continued ​constraints on exports.

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