Brent Oil is down by 5.02%

Brent crude traded near $92 per barrel on Tuesday after falling almost 6% in the previous session, hitting its lowest level since late August amid diplomatic efforts to end the Middle East conflict. President Donald Trump expressed optimism about a possible resolution, citing “momentum toward an end” to the conflict following his meeting with Qatar’s prime minister. Meanwhile, Congressional Democrats are considering using the Dec. 11 government shutdown deadline to pressure Trump into ending the war. However, tensions remain elevated as US forces reportedly launched another strike on Iran’s Qeshm Island, while US Secretary of State Marco Rubio tempered expectations for progress in negotiations. Tanker vessels also remained targets of attacks in the Strait of Hormuz, while clashes involving Saudi Arabia and Iran-backed Houthis continued. Elsewhere, investors are awaiting monthly oil market reports from the US EIA, OPEC and IEA for further insights into global supply and demand.

Brent Oil decreased 5.02% to 93.38 USD/Bbl

Brent crude fell towards $94 a barrel on Monday, the lowest since August 31, extending the previous week’s 13.3% decline as markets weighed diplomatic efforts to end the Middle East conflict against continued regional attacks. US President Donald Trump said extensive strikes on Iran were unlikely if Tehran agreed to a strong deal, ahead of a meeting with Qatar’s prime minister. However, prospects for a breakthrough remain uncertain. US forces reportedly struck Iran’s Qeshm Island overnight, while Secretary of State Marco Rubio played down expectations for progress in negotiations. Tensions also persisted around the Strait of Hormuz, where a tanker was reportedly hit by an unidentified projectile. Separately, Iran-backed Houthi rebels damaged Saudi Aramco offices in Riyadh, prompting Saudi forces to destroy two missile launchers. Despite the security risks and repeated attacks on shipping, crude exports from the Persian Gulf have begun to recover.