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Asia midday crude futures: Ice Brent pares gains
Ice Brent crude futures shed some gains in early Asian trading after US president Donald Trump said Washington would not resume hostilities against Iran, easing concerns over an escalation in tensions between the two countries.
The Ice front-month December Brent contract was at $102.95/bl at 04:00 GMT, down by $1.33/bl from its settlement on 8 October when it ended $4.08/bl higher.
The Nymex front-month November crude contract was at $90.43/bl, lower by $1.06/bl from its settlement on 8 October when it ended $3.21/bl higher.
The US is "having productive discussions" with Iran but the US naval blockade and campaign of economic pressure against Iran will continue, Trump said in a social media post. He claimed that 22mn bl of crude flowed through the strait of Hormuz on 7 October under the protection of the US military.
Iran has increased the pace of its attacks against commercial shipping in the last week, with increasingly deadly results. It is unclear whether this resurgence of attacks will hamper rising oil flows through the strait.
Meanwhile, Yemen's Houthis renewed threats against Saudi oil facilities, airports and aviation on 8 October as fighting escalates between the group and forces aligned with Yemen's Saudi-backed internationally recognised government.
"The armed forces warn all employees, experts and engineers working at all Saudi oil facilities not to be present in locations that represent targets for our forces so as not to endanger their lives," Houthi military spokesman Yahya Saree said.
Elsewhere, Hurricane Isaias, the first named hurricane of the 2026 Atlantic season, is moving toward the US Gulf coast near Alabama, threatening an area with significant refining assets and causing 1.3mn b/d of oil production to be shut in.
Ice Brent crude futures shed some gains in early Asian trading after US president Donald Trump said Washington would not resume hostilities against Iran, easing concerns over an escalation in tensions between the two countries.
The Ice front-month December Brent contract was at $102.95/bl at 04:00 GMT, down by $1.33/bl from its settlement on 8 October when it ended $4.08/bl higher.
The Nymex front-month November crude contract was at $90.43/bl, lower by $1.06/bl from its settlement on 8 October when it ended $3.21/bl higher.
The US will not resume hostilities against Iran before the 3 November midterm congressional elections, Trump said on 8 October.
The US is "having productive discussions" with Iran but the US naval blockade and campaign of economic pressure against Iran will continue, Trump said in a social media post. He claimed that 22mn bl of crude flowed through the strait of Hormuz on 7 October under the protection of the US military.
Iran has increased the pace of its attacks against commercial shipping in the last week, with increasingly deadly results. It is unclear whether this resurgence of attacks will hamper rising oil flows through the strait.
Meanwhile, Yemen's Houthis renewed threats against Saudi oil facilities, airports and aviation on 8 October as fighting escalates between the group and forces aligned with Yemen's Saudi-backed internationally recognised government.
"The armed forces warn all employees, experts and engineers working at all Saudi oil facilities not to be present in locations that represent targets for our forces so as not to endanger their lives," Houthi military spokesman Yahya Saree said.
Elsewhere, Hurricane Isaias, the first named hurricane of the 2026 Atlantic season, is moving toward the US Gulf coast near Alabama, threatening an area with significant refining assets and causing 1.3mn b/d of oil production to be shut in.
The UK has imposed sanctions on Russian oil firms Zarubezhneft and INK Capital as part of a package targeting 38 companies, individuals and vessels over their alleged support for Russia's government and war economy.
By Rhalain Reyes