Crude oil prices remained below $96 per barrel on Tuesday after declining for four consecutive sessions, weighed down by easing supply concerns in the Middle East and intensifying diplomatic efforts to end the US-Iran war. President Donald Trump is scheduled to address the UN General Assembly in New York later today and may meet Iranian President Masoud Pezeshkian on the sidelines. Trump is also expected to hold talks with other Gulf leaders and Chinese President Xi Jinping this week.
At the same time, the Trump administration has proposed a $5 billion fund to support the reconstruction of war-damaged infrastructure across the Middle East. Saudi Arabia has maintained crude shipments through the Strait of Hormuz at 2.9 million barrels per day over the past six days. In addition, satellite imagery over the weekend showed supertankers with a combined capacity of 14 million barrels at Saudi Arabia’s Gulf export terminals, the highest tanker concentration recorded since at least June.
