Crude oil prices fall below $90 a barrel as Vance blames GOP election defeat on Iran war
Crude oil prices tumbled Wednesday after Vice President JD Vance blamed the Republicans' steep midterm election losses on the Iran war.
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Crude oil prices tumbled Wednesday after Vice President JD Vance blamed the Republicans' steep midterm election losses on the Iran war.
Oil fell Monday, amid news that both the U.S. and Iran are pursuing diplomacy amid ongoing Mideast tensions
Developments in the Middle East remain in focus, with attacks on commercial ships transiting the Strait of Hormuz escalating in recent weeks.
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Crude oil prices eased after G7 leaders bowed to US President Donald Trump’s demand to release oil and diesel reserves.
It is unclear how long the recovery can be sustained given that it relies on the U.S. military protecting tankers in the Persian Gulf.
Crude flows through Hormuz have recovered, but tanker insurance costs and geopolitical risks remain barriers to a return to normality.
Saudi exports are rising despite escalating attacks on its infrastructure from Iran-backed militants in Yemen and Iraq.
Oil fell Monday, as traders keep watch for a recovery in shipments from Saudi Arabia, even as Mideast tensions continue to escalate.