After a sharp rise, oil prices have gone down
фото: Reuters
Global oil prices fell on Monday, October 26, after a sharp rise late last week, when Brent approached $117 per barrel.
This is reported by the Financial Times.
In morning trading in London, Brent fell 1.3% to $115.18 per barrel. American WTI lost 1.8% and traded at $101.41.
Oil prices rose to a five-month high on Friday, with the Financial Times citing concerns about possible new US strikes on Iran after the midterm elections in the United States as one of the reasons.
On Sunday, US President Donald Trump said that Washington was considering two options for further action against Iran – new strikes or an agreement with Tehran.
Adding to the pressure on the market are risks to oil supplies. Last week, Iran stepped up attacks on tankers passing through the Strait of Hormuz, and the Houthis stepped up strikes on Saudi Arabia.
Meanwhile, diplomatic contacts are also taking place this week. According to the FT, Qatar has been sending representatives to Tehran in recent days, and on Monday Iran is due to host senior officials from Saudi Arabia, Pakistan and Turkey for talks on regional security.
Barclays analysts note that Houthi attacks, tanker strikes and uncertainty about further US action are supporting a significant geopolitical premium in oil prices.
Recall that on October 12 , oil prices also fell , but Brent remained above $100 per barrel due to escalation in the Middle East and supply risks.
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