WTI Oil Price Under Pressure at Two-Week Lows Near $89.00

Oil prices remain under pressure as WTI hovers near two-week lows of $89.00, down 13% from last week's highs.

The news that Saudi Arabia has fixed its East-West pipeline and hopes for a new round of US-Iran peace talks are contributing to the downward trend.

Markets have welcomed reports that Saudi Arabia has restarted operations in a critical pipeline transporting 4 million barrels of crude per day, avoiding the blockade of the Strait of Hormuz.

Additionally, Iraq's Oil minister, Basim Mohammed, announced on Tuesday that the country has boosted its oil exports to 3 million barrels per day and expects to increase exports via Turkey to over 600K bpd.