Crude oil futures fell on Friday morning after US President Donald Trump said he would not attack Iran before the mid-term elections. WTI crude futures dropped to $90.43. Meanwhile, Hurricane Isaias forced producers to shut in 1.3 million barrels per day, as markets assessed the storm's impact on oil production.
November crude oil futures on WTI (West Texas Intermediate) were at $90.43, down by 1.16%.
Crude oil futures traded lower on Friday morning after US President Donald Trump said that the US was having productive discussions with Iran and that he would not attack Iran before the US mid-term elections.
At 9.29 am on Friday, December Brent oil futures were at $102.93, down by 1.29 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $90.43, down by 1.16 per cent. October crude oil futures were trading at ₹8,755 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹8,864, down by 1.23 per cent, and November futures were trading at ₹8,711 against the previous close of ₹8,828, down by 1.33 per cent.
In a post on Truth Social, Trump said: "We are having productive discussions with the Islamic Republic of Iran. I want to make it clear to everybody that, while Iran is in very bad condition, both Economically and Militarily, and while the Blockade will remain in full force and effect, with Oil flowing in Record Numbers of Barrels through the Hormuz Strait (22 Million Barrels, last night alone, with not one barrel coming from, or going to, Iran!), we will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd."
Meanwhile, markets are assessing the possible impact of Hurricane Isaias in the Gulf of Mexico on oil production. A Reuters report, which cited US Marine Minerals Administration, said the storm has forced oil producers there to shut in about 1.3 million barrels per day, or 62.9 per cent, of current oil production.