Oil Prices Slump Amid Improved Gulf Supply Prospects

Oil prices declined to a two-week low on Tuesday as prospects for Gulf supplies improved. The Brent crude futures November contract fell by $2.11, or 2.1%, to $98.23 a barrel at 1151 GMT.

The WTI October contract lost $2.48, or 2.59%, to $93.30 a barrel. However, the more actively traded November contract was down $2.36, or 2.55%, at $90.01 a barrel.

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

A senior Iranian official told Reuters that Iran can reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade on Iranian ports.