Crude oil prices fell toward $91 a barrel on Tuesday, extending losses for a fifth consecutive session and hitting their lowest level in more than two weeks, as traders continued to track diplomatic efforts to resolve the conflict with Iran. US President Trump told the UN he believed Washington would reach a deal with Iran shortly after the November midterm elections. He noted that oil supplies have risen since the conflict began and suggested that prices could drop sharply once the war ends.
Market speculation persisted over a potential meeting with Iranian President Masoud Pezeshkian, though US Secretary of State Marco Rubio said he was unaware of any such plans. Earlier, Japan’s Kyodo News reported that Iran had proposed reopening the Strait of Hormuz within seven days if the US were to lift its blockade. Meanwhile, Saudi Arabia began preparing to restart its East–West oil pipeline, which was shut down following drone attacks earlier this month, with exports possibly resuming later this week.
