According to some sources, US and Iran negotiators are discussing a phased agreement. The agreement includes Iran reopening the Strait of Hormuz, and oil prices are falling accordingly. The international benchmark Brent crude fell back to around $106 per barrel, rising more than 7% in the previous two trading days; US West Texas Intermediate crude fell below $94. According to people familiar with the matter, the two countries have not been able to reach a similar agreement in recent months and are seeking a breakthrough in negotiations during the United Nations General Assembly. The US-Iran conflict has come to an end for the seventh month, and crude oil fluctuated sharply again this week. The prospects for war are mixed, and the circulation of crude oil in the Middle East is expected to resume. Combined with market speculation that the US may ban diesel exports, multiple factors are disturbing oil prices. Brent crude oil still rose by more than 70% during the year, increasing inflationary pressure. Harris Kurshid, chief investment officer of Karobaar Capital LP, said: “If there are no major changes, the price of Brent oil is likely to remain in the range of $100 to $110. A credible phased agreement could quickly cause oil prices to fall below $100; if exports or logistics chains are interrupted again, oil prices may return to $120.” Brent crude oil for November delivery fell 0.5% to $106.10 a barrel. WTI crude oil for November delivery fell 0.7% to $93.91 a barrel.

According to some sources, US and Iran negotiators are discussing a phased agreement. The agreement includes Iran reopening the Strait of Hormuz, and oil prices are falling accordingly. The international benchmark Brent crude fell back to around $106 per barrel, rising more than 7% in the previous two trading days; US West Texas Intermediate crude fell below $94. According to people familiar with the matter, the two countries have not been able to reach a similar agreement in recent months and are seeking a breakthrough in negotiations during the United Nations General Assembly. The US-Iran conflict has come to an end for the seventh month, and crude oil fluctuated sharply again this week. The prospects for war are mixed, and the circulation of crude oil in the Middle East is expected to resume. Combined with market speculation that the US may ban diesel exports, multiple factors are disturbing oil prices. Brent crude oil still rose by more than 70% during the year, increasing inflationary pressure. Harris Kurshid, chief investment officer of Karobaar Capital LP, said: “If there are no major changes, the price of Brent oil is likely to remain in the range of $100 to $110. A credible phased agreement could quickly cause oil prices to fall below $100; if exports or logistics chains are interrupted again, oil prices may return to $120.” Brent crude oil for November delivery fell 0.5% to $106.10 a barrel. WTI crude oil for November delivery fell 0.7% to $93.91 a barrel.