Brent Crude Eases as Hormuz Route Clears Amid Iran Conflict
Crude oil prices eased on Friday as signals from the US administration that it does not intend to wage an 'indefinite war' with Iran helped offset concerns over elevated geopolitical risks.
The International benchmark Brent crude futures for November delivery were trading at $95.55 a barrel, down 0.03% from the previous close of $95.52. US benchmark West Texas Intermediate (WTI) crude futures for October delivery fell 0.3% to $91.55 a barrel from $91.3.
US Vice President JD Vance said that 'all options' remained on the table over Iran, including military, economic and diplomatic measures. However, he emphasized that Washington was not seeking an 'indefinite war' with Tehran.
Vance also made clear that Washington was not currently negotiating with Tehran and would not resume talks unless Iran stopped attacks on commercial shipping.
According to reports, about 15 million barrels of oil had passed through the Strait of Hormuz despite the conflict. The US military had escorted 40 commercial vessels carrying a total of 18 million barrels of oil through the strait, while striking around 60 Iranian military targets during operations.