Gulf Supply Outlook Boosts Oil Prices Downward

Oil prices fell to a two-week low on Tuesday as prospects for Gulf supplies improved.

The Brent crude futures November contract was down $2.11, or 2.1%, to $98.23 a barrel at 1151 GMT.

Iran signaled it could reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade on Iranian ports.

A senior Iranian official told Reuters that the Iranian delegation to the UN General Assembly in New York has full authority to revive diplomacy with the US.

Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from Yanbu port later on Tuesday, three sources briefed on the matter said.