Commodities
Oil Prices Plummet to Two-Week Low Amid Improved Gulf Supply Prospects
Oil prices fell to a two-week low on Tuesday due to improved prospects for increased oil supplies from the Gulf region.
The Brent crude futures November contract declined by $2.01, or 2%, to $98.33 a barrel at 1027 GMT, while the WTI October contract lost $2.50, or 2.61%, to $93.28 a barrel.
Iran signaled that it could reopen the Strait of Hormuz within seven days, and Saudi Arabia announced plans to resume exports from its Red Sea port of Yanbu.