Gulf Supply Concerns Ease, Oil Prices Plummet to Two-Week Lows

Oil prices declined to two-week lows on Tuesday as expectations for Gulf supply recovery improved following developments involving Iran and Saudi Arabia.

Brent crude November futures fell $2.11, or 2.1%, to $98.23 per barrel, while WTI November futures declined $2.36, or 2.55%, to $90.01 per barrel, according to Grafa.com.

Iranian officials said the country could reopen the Strait of Hormuz within seven days if certain conditions involving U.S. military pressure and port restrictions are addressed, Reuters reported.

Saudi Arabia also restarted operations at its East-West Pipeline and could resume exports from Yanbu port after drone attacks halted crude loadings on September 13.