Significant Drop in Fuel Oil Prices

Oil prices in the international market have fallen as diplomatic efforts to ease tensions between the United States and Iran have intensified. However, concerns regarding fuel supplies persist, fueled by reports of fresh attacks in Saudi Arabia.

On Monday (October 26) at 3:00 PM Bangladesh time, the price of Brent crude for December delivery fell by 1.78 percent to $109.68 per barrel. At the close of the previous trading session, the price stood at $111.70.

Simultaneously, the price of the US benchmark, West Texas Intermediate (WTI), for December delivery dropped by 2.2 percent to $101.20 per barrel. At the end of the previous day's trading, it was priced at $103.23.

On Sunday, US President Donald Trump ruled out the possibility of an immediate military strike against Iran, stating that Washington has no plans to launch an attack at this time.

Responding to a question from reporters while traveling from the White House to a campaign rally in Michigan, Trump said, "Would I tell you? But the answer is no. There will be no attack." He added that they possess two distinct intelligence reports on the matter, describing the information received as "very sophisticated."

Meanwhile, Iranian Foreign Ministry spokesperson Esmail Baghaei stated that Tehran is prepared for negotiations, though he alleged that the United States is attempting to impose its own unilateral demands.

Speaking to the German broadcaster ARD, Baghaei remarked, "Iran has never left the negotiating table. The problem lies in the United States' insistence on its unilateral demands and its attempts to impose them."

Regarding the Strait of Hormuz, he described the waterway as "not safe," attributing this situation to the United States and Israel.

According to reports, Qatari mediators—acting in coordination with the United States—visited Tehran on Sunday as part of an initiative to de-escalate regional tensions. Amid ongoing diplomatic efforts, the Iran-backed Houthi group in Yemen has claimed responsibility for attacks on King Khalid International Airport in the Saudi capital, Riyadh, as well as on the country’s East-West oil pipeline.

In a statement posted on the social media platform X, Houthi military spokesperson Yahya Saree stated that the airport was targeted using a ballistic missile. He further claimed that drone attacks were carried out against the pipeline’s crude oil pumping stations.

The pipeline, known as the "Petroline," transports crude oil from oil production and processing facilities in Saudi Arabia’s eastern region to refineries and export terminals on the Red Sea coast. It serves as an alternative route for oil supplies, bypassing the Strait of Hormuz.

While diplomatic initiatives aimed at easing U.S.-Iran tensions have provided temporary relief to the oil market, the reported attacks on critical Saudi energy infrastructure have kept uncertainty surrounding supply conditions alive.

Source: Anadolu Agency