On Monday, oil prices fell, with Brent crude futures for November delivery decreasing by 1.66% to $102.15 per barrel, and U.S. West Texas Intermediate futures for October dropping 1.83% to $98.46 per barrel.
This decline comes despite a note from JPMorgan analysts indicating that Middle East oil flows have remained unexpectedly strong, averaging 17.1 million barrels per day over the past ten days, although this figure is still 6.1 million bpd below the 2025 average. The market is reacting to geopolitical tensions, particularly following missile and drone attacks on Saudi Arabia by Iran-backed Houthis.
U.S. President Donald Trump has hinted at significant developments regarding the U.S.-Iran conflict, stating he is in a 'deciding mode' and suggesting that 'very big things' are forthcoming.
Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, noted that oil prices are likely to remain closely linked to the normalization of exports and diplomatic progress, warning that any setbacks in shipping conditions could tighten the market and push prices higher