WASHINGTON (dpa-AFX) - Crude oil prices have turned lower on Tuesday, adding to yesterday's nosedive amid rising expectations on a possible settlement between the U.S. and Iran. The optimism overshadowed fears of a re-escalation due to U.S. attacks on Qeshm Island, which limited the decline.
WTI Crude Oil for December delivery was last seen trading down by $0.52 (or 0.54%) at $95.94 per barrel.
In an interview with NBC News, U.S. President Donald Trump replied in the negative when asked if he was considering striking Iran after the midterm elections.
Earlier, Axios reported that during a conversation with Israel's Prime Minister Benjamin Netanyahu over the telephone on Saturday, Trump had observed that he wished to let negotiations play out first before commencing any military action against Iran.
On separate occasions over the past few days, Trump remarked that he expected that the war could end soon and a deal could be reached with Iran.
In Washington, Trump stated that oil prices could go down a lot and added that the U.S. is winning with Iran, easily.
Later yesterday, Trump posted via Truth Social that Iran is in need of a quick settlement and stressed that it could happen soon.
In addition, U.S. Vice President JD Vance also hinted at some developments in the negotiations but did not commit to any finalization of an agreement.
Speaking to reporters yesterday, Vance stated that there has been some progress but added that he preferred to wait and see if something more could be achieved.
Trump's messages assume greater importance as various media outlets from the U.S. were reporting that joining hands with Israeli forces, the U.S. military was preparing to commence a short but intensive campaign against Iran after the midterm elections.
Iran's media outlet IRNA cited Iran's President Masoud Pezeshkian as stating that Iran's Supreme Leader Mojtaba Khamenei had given special authorities to resolve the dispute through dialogue.
With support from Saudi Arabia, Turkey, and Egypt, Qatar has been facilitating the exchange of messages between the U.S. and Iran and carrying proposals formulated by the U.S. to Iran.
Qatar's Foreign Ministry Spokesperson Majed Al Ansari stated that Qatar was hopeful that the two sides could reach an interim agreement.
In the U.S. today, Americans are voting in the midterm elections where the Trump administration is seeking a mandate on its measures including the war on Iran. The U.S. economy is facing headwinds due to high costs of diesel fuel.
Meanwhile, citing officials, the Wall Street Journal reported that yesterday, the U.S. military conducted a short wave of limited strikes on Iran's Qeshm Island.
The report also stated that the launches were kept deliberately secret and cited an official as saying that they do not signify any restart of a broader escalation.
A few officials hinted that the attacks could be a measure to stop Iran from attacking commercial ships in the Strait of Hormuz.
IRNA reported that the attack sparked a series of explosions in Qeshm Island.
In a telephone interview with Fox News, Trump stated that the hit was conducted on an anti-aircraft facility after Iran completed its construction. Further, Trump called the military operation a 'minor attack.' Of note, Israel had no involvement in this latest strike.
Pezeshkian warned that a return to hostilities would benefit no one and maintained that Iran remains committed to resolve the crisis through negotiations.
Citing sources, Axios reported that the Director of the Central Intelligence Agency John Ratcliffe advised Trump to maintain a 'no war, no deal,' approach toward Iran. Ratcliffe is of the view that pressuring Iran economically will force it to make concessions favoring the U.S.
Energy experts are of the view that in the absence of any disruption to physical supplies or critical energy infrastructure, oil prices may not be bound for a rally as the war-premium appears to be already factored into the prices.
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