Iran Talks Dampen Oil Price Rally as Supply Fears Ease

Oil prices have eased as renewed talks between the US and Iran have tempered supply fears. The talks, mediated by Pakistan, have brought some uncertainty to the market, with Donald Trump's comments suggesting that the negotiations may not lead to a deal.

The East-West pipeline in Saudi Arabia has also been restored after a 10-day halt caused by drone strikes. However, the pipeline will still operate below capacity for another four to five weeks.

Meanwhile, QatarEnergy has extended its LNG supply force majeure for Asian customers until November due to Hormuz flows remaining restricted. The country's monthly loadings have dropped 80% compared to pre-war levels, with most of the liquefied gas being sent to nearby Kuwait.