FX.co ★ Oil Falls by Over 2%

Crude oil fell more than 2% on Tuesday to below $96.50 a barrel after an unconfirmed report indicated that Qatar and Pakistan had put forward a new proposal to revive negotiations aimed at ending the Iran war. The report pulled prices back from four-week highs reached as fighting intensified across the Middle East and Iran stepped up attacks on tankers in the Strait of Hormuz. Shipping risks remain a central concern, with maritime tracker Kpler reporting that at least 18 vessels had come under fire over the previous two weeks. On Tuesday, Iran’s Revolutionary Guard Corps said two oil tankers had caught fire after striking mines laid by its naval unit, according to the Tasnim news agency. Separately, Iranian Foreign Ministry spokesperson Esmaeil Baqaei warned that Tehran would respond forcefully to any US attack. Earlier this month, US President Donald Trump said American forces would not strike Iran before the November 3 midterm elections.