MARITIME BUSINESS LEADERS
BREAKING NEWS
Oil Slips on Mideast Diplomatic Efforts
Crude oil fell below $101 per barrel on Tuesday, extending losses for a second consecutive session as renewed diplomatic efforts in the Middle East raised hopes of preventing a wider escalation of the US-Iran conflict. Reports said senior officials from Saudi Arabia, Pakistan, and Turkey met with top Iranian officials on Monday to ease tensions and revive negotiations aimed at avoiding another wave of US-Israeli strikes against Iran. The discussions come roughly a week before the US midterm elections, after which President Donald Trump has repeatedly suggested that military strikes against Iran could resume following months of stalled negotiations. Meanwhile, Saudi-led forces continue to engage Iran-backed Houthi rebels, while Hezbollah is reportedly preparing for another regional conflict in Lebanon after receiving financial support from Iran. These ongoing tensions continue to pose risks to Middle Eastern oil supplies, despite crude flows having recovered to around prewar levels.
Source: Trading Economics
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