Oil Prices Modestly Lower As Hormuz Standoff Persists
(RTTNews) - Oil prices were modestly lower on Thursday, recouping some losses from earlier in the session after a senior Iranian official rejected one of Washinton's key conditions for peace talks, stating that the country would not surrender "a single atom" of its enriched material.
Mohammed Bagher Ghalibaf, Iran's parliament speaker and top negotiator, has told AI Jazeera that Tehran is waiting for an official U.S. response to its seven conditions for ending war and that the Strait of Hormuz will "never return" to its status prior to the U.S.-Israel war on Iran.
Elsewhere, Russia's military said that it had carried out a massive overnight strike on military factories across Ukraine, causing explosions.
Ukrainian drones struck the Russian Buyan-M class small missile ship Naro-Fominsk near the island of Gogland (Suursaari) in the Gulf of Finland early on 11 November, according to Ukraine's Security Service.
Brent crude futures were down 0.4 percent at $92.39 a barrel in European trading, while WTI crude futures slipped 0.4 percent to $86.17.
Brent prices remain more than 20 percent below their October peak as traders weigh the prospects for a U.S.-Iran peace deal against a potential supply glut.
OPEC+ crude oil production jumped in October despite continued disruption to shipments through the Strait of Hormuz.
Saudi Arabia said its crude oil production climbed 26 percent in October to one of the highest monthly levels in years, helping ease global supply constraints.
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