- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,450-0.06%
- October 17, 202614°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,450-0.06%
- October 17, 202614°
Trump’s Iran meeting signal pushes Brent crude below $100
U.S. President Donald Trump’s statement that he is open to meeting Iranian President Masoud Pezeshkian strengthened expectations of U.S.-Iran diplomacy and contributed to an approximately 4% drop in Brent crude prices. The November Brent crude futures price fell to $99.75 per barrel, while November West Texas Intermediate crude futures declined to $92.14 per barrel.
Expectations that diplomatic contacts between the United States and Iran could resume reduced the geopolitical risk premium in oil markets. November Brent crude futures fell by approximately 4% to $99.75 per barrel, after rising as high as $105 the previous day and closing at $103.87.
November West Texas Intermediate crude futures were also trading at $92.14 per barrel around the same time. Easing concerns over oil supplies in the region, particularly through the Strait of Hormuz, contributed to the decline.
Washington-T3heran ties at the center of market attention
U.S. President Donald Trump’s announcement that he is open to meeting Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly strengthened expectations that tensions between the two countries could ease.
The 81st session of the United Nations General Assembly will begin in New York on September 22. More than 150 heads of state and government, along with numerous senior officials, are expected to attend the meeting, which will be held under the theme “Building Trust and Managing Transformation: Delivering for All.”
Developments in Iran and the Strait of Hormuz, as well as Gaza, the Russia-Ukraine war and other regional conflicts, are expected to be discussed during the General Assembly meetings. Diplomatic efforts to resume talks between the United States and Iran are also among the issues being closely watched by oil markets.
Qatar continues contacts on talks
Majed Al Ansari, spokesperson for Qatar’s Ministry of Foreign Affairs, announced that different ideas had been under discussion for approximately two weeks to restart talks between Washington and Tehran.
Al Ansari said Qatar’s mediation team was continuing its contacts with Tehran and Washington to assess the possibility of resuming the talks. He said the team was conducting diplomatic contacts between various capitals to help achieve progress.
Statements about Washington’s willingness to reach an agreement supported expectations that U.S.-Iran tensions could ease and regional supply risks could diminish. Reports that Trump was considering airstrikes against the Iran-backed Houthis in Yemen but had for now abandoned the option also contributed to a decline in perceptions of geopolitical risk.
Saudi Arabia’s exports rise again
Following attacks by Yemen’s Houthis on Saudi Aramco’s East-West Petroline, Saudi Arabia increased its crude oil exports through the Strait of Hormuz. The increase eased supply concerns in the markets.
According to preliminary data, the country’s crude oil exports had fallen to 2.4 million barrels per day in August, their lowest level since 2013. Exports have risen above 4 million barrels per day so far in September.
Assessments dated September 18 indicated that oil flows from the Middle East remained strong despite the disruption to the East-West Petroline. Total oil flows in the region averaged 17.1 million barrels per day over the past 10 days, 6.1 million barrels per day below the 2025 average.
Fed policy weighs on oil prices
Expectations of an additional interest-rate increase by the end of the year are also weighing on oil prices after the U.S. Federal Reserve raised rates last week for the first time since July 2023.
Rising energy costs in the United States are strengthening expectations of tighter monetary policy, supporting forecasts that economic activity and oil demand could slow. Expectations of tighter monetary policy strengthen the dollar, making oil more expensive for buyers using other currencies and driving prices lower.
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