Brent Falls to $100 as Traders Bet on a U.S.-Iran Deal
Brent Falls to $100 as Traders Bet on a U.S.-Iran Deal Oil traders are pricing a U.S.-Iran settlement and discounting the threats around it.
ET on Wednesday, Brent had fallen $3.04, or 2.9%, to $100.60 per barrel, its third straight loss, and WTI had dropped $2.86, or 3%, to $93.23.
Both crude benchmarks traded higher early before reversing in avolatile session.
President Trump told the Financial Times that Washington has no immediate plans to strike Iran.“We seem to be getting everything we want,”he said.
Vice President JD Vance said on Monday that the two sides had“certainly made some progress.”A senior Iranian official said Tehran couldreopen the Strait of Hormuz within two daysif Washington meets its demands, including lifting oil sanctions and releasing frozen assets.
Escalation headlines failed to hold prices up.
Trump told Fox News a“heavy hit”on Iran was possible.
Iran’s Revolutionary Guard said four tankers weredestroyed by minessouth of Hormuz, a claim that has not been independently confirmed.
ING said markets have increasingly priced in further hostilities.
Democrats won both houses of Congress inTuesday’s midterms, and analysts said the result could constrain war funding.
Kpler’s Michelle Brouhard noted that the new Congress is not seated until January 3, which leaves the administration nearly two months to act.
Phillip Nova’s Priyanka Sachdeva saidprofit-taking and reduced speculative long positionswere justified after October’s rally.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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