- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90-0.48%
- INTEREST37.00%-1.00
- BITCOIN82,797-1.05%
- October 13, 202619°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90-0.48%
- INTEREST37.00%-1.00
- BITCOIN82,797-1.05%
- October 13, 202619°
The price of Brent crude fell 2% to $102.70 a barrel
The price of Brent crude fell 2% to $102.70 a barrel as of 08:30 Friday.
Oil prices fell by approximately 2% on Friday as concerns over supply disruptions in Saudi Arabia eased and U.S. President Donald Trump claimed that direct contacts had been established to end the war with Iran.
Brent futures traded at $102.70 a barrel at 08:30. U.S. crude futures fell 1.7% to approximately $100.50 a barrel.
Concerns over supply disruptions ease
Although oil prices declined, they remained at high levels. This is putting pressure on fuel prices in many countries while also increasing concerns about inflation.
Saudi Arabia aims to restore half the capacity of an oil pipeline in the coming days after operations were halted last week because of attacks by drones from Iraq. The attacks and rising risks to major oil transport routes in the Middle East had heightened concerns about supply disruptions.
Trump's remarks on Iran
Trump claimed that direct contacts existed between the United States and Iran and that the Iranians still strongly wanted to reach an agreement. Trump made the assessment in remarks addressing the Iran issue ahead of the United Nations General Assembly meetings.
The United States has recently carried out military strikes on some locations in Iran, while negotiations between the two countries have stalled over disputes concerning maritime traffic in the Strait of Hormuz. Iran also carried out attacks on U.S. military facilities in several Arab countries, including Saudi Arabia. Some of those attacks killed civilians and damaged civilian facilities.
Iran announced that more than 3,000 people had been killed in the war that the United States and Israel launched against the country on February 28. Tehran responded with attacks that killed Americans and Israelis.
Developments in Yemen being monitored
The volatility in the oil market coincided with developments along Yemen's western coast in recent days. The Houthis moved toward areas near the Bab el-Mandeb Strait, one of the world's key maritime passages.
While this development increased concerns about maritime traffic and energy shipments in the region, oil markets continued to monitor developments concerning supply conditions and the course of the war.
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