Oil Edges Lower After Trump Comments On Iran Talks
(RTTNews) - Oil prices traded lower on Friday, trimming gains from the previous session as Middle East supply concerns eased somewhat in the wake of comments from U.S. President Donald Trump that the U.S. will not attack Iran before the midterm elections next month and that discussions with Tehran remain productive.
Brent crude prices fell 1.3 percent to $102.96 a barrel, while WTI crude futures dropped nearly 1 percent to $90.57 a barrel.
Trump ruled out attacking Iran before the U.S. midterm elections on November 3, asserting that the two countries were holding "productive" discussions to end the six-month-old war.
Trump also said that record volumes of crude were currently passing through the Strait of Hormuz and that the U.S. naval blockade of Iranian ports would remain fully in place.
However, subsequent reports indicated that the U.S. had already prepared plans for three days of targeted strikes against Iranian energy infrastructure, drone and missile stockpiles.
Under Operation Economic Outcast, the United States on Thursday imposed sanctions on 27 companies, 27 vessels, and six individuals for transporting Iranian crude, oil products, and petrochemicals.
France and Saudi Arabi are evaluating different measures to ensure the security of the Yanbu oil terminal. Syria is reportedly weighing military assistance to key ally Saudi Arabia.
Meanwhile, Isaias has strengthened to a Category 2 hurricane on Thursday as it headed toward the U.S. Gulf Coast, the U.S. National Hurricane Center said.
The first hurricane of the 2026 Atlantic season forced energy producers to shut in around 1.3 million barrels per day of crude output.
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