Oil mixed as Middle East supply uncertainty outweighs hopes for US-Iran talks

Published
0

Oil prices were mixed with Brent futures up and US futures down amid uncertainty over crude supply from the key Middle East producing region as the Strait of Hormuz remains mainly shut, reports Reuters.

Brent crude futures were up 40 cents, or 0.4 per cent, to $95.19 a barrel at 0420 GMT, paring earlier losses of as much as 0.9pc, after falling 4.6pc in the previous session.

US West Texas Intermediate crude was down 23 cents, or 0.3pc, to $91.05. The contract earlier fell as much as 4.7pc after dropping 7.9pc the session before.

While the market is thinking the worst is over and factoring in further rounds of peace talks between the US and Iran in the coming days, there is more hope than actual developments at this point, said Suvro Sarkar, energy sector team lead at DBS Bank.

“Physical oil is still trading at significant premiums to these futures prices,” he said.

Opinion

Editorial

Deadly classrooms
Updated 16 Oct, 2026

Deadly classrooms

Parents should not have to become structural engineers to judge whether their children are safe at school.
Diplomatic options
Updated 16 Oct, 2026

Diplomatic options

Regional states know that the alternative to talks — a fully fledged war on both fronts — will bring immeasurable destruction to the Gulf, the Red Sea and the surrounding areas.
Hunger in Pakistan
16 Oct, 2026

Hunger in Pakistan

PAKISTAN’S position as the country most affected by hunger in South Asia is not surprising. An economy battered by...
Lagging behind
Updated 15 Oct, 2026

Lagging behind

The immediate task is to contain inflation and protect vulnerable households without reviving unsustainable subsidies or excessive demand.
India voter purge
Updated 15 Oct, 2026

India voter purge

Earlier, the BJP and its Hindutva cohorts could get away with trampling the rights of Indian Muslims, but now their shenanigans are not working.
Multan derailment
15 Oct, 2026

Multan derailment

IN numerous states, including many of Pakistan’s neighbours, rail transport is a safe and affordable mode of...