A barrel of Brent oil is traded at $88.42 in international futures markets.
The October delivery barrel price of Brent oil, which rose to $88.95 on Friday, finished the day at $88.52.
The barrel price of Brent oil decreased by 0.11 percent compared to the closing time at 09.44 today, reaching 88.42 dollars.
At the same time, the barrel price of West Texas Intermediate (WTI) crude oil for September delivery was determined as 81.07 dollars.
While oil prices, which increased by more than 5 percent last week, showed a partial decline on the first trading day of the new week, the lack of concrete progress towards ending the US/Israel-Iran War and geopolitical risks in the Middle East limited the decline.
The ongoing tension between the USA and Iran, attacks on tankers in the Strait of Hormuz, US statements that it may impose new economic sanctions on Iran, and Israel’s attacks on the south of Lebanon keep the risks to oil supply alive.
According to the news in Iran’s Tasnim News Agency, Iranian Foreign Minister Abbas Erakchi stated that Qatar and Pakistan only exchanged messages as intermediaries, but this did not mean negotiations, and stated that they have not yet made a decision on resuming negotiations with the USA.
Stating that the negotiations between Iran and Oman to determine a “safe route” in the Strait of Hormuz are continuing, Erakçi noted that even after the route is determined, the opening of the strait depends on the fulfillment of other conditions that the USA must comply with.
Iranian Foreign Ministry Spokesperson Ismail Bekayi also stated that progress has been made in the talks on the Strait of Hormuz, which have been going on between Tehran and Muscat for about three weeks, and that the talks continue in a “positive and constructive” atmosphere.
On the other hand, the United Arab Emirates (UAE) reported that a tanker belonging to the national oil company ADNOC was targeted while passing through the Strait of Hormuz. This has increased security concerns regarding oil shipments through the Strait of Hormuz.
Statements that the USA may impose new economic sanctions on Iran are also in the focus of the markets.
US Defense Secretary Pete Hegseth stated that the US could continue the naval blockade of Iran “indefinitely”, while Treasury Secretary Scott Bessent said that the US would soon announce “unprecedented” economic measures against Iran.
The Israeli army’s continued attacks on southern Lebanon despite the ceasefire increases concerns that conflicts may spread in the Middle East.
