On Thursday, oil prices fell with Brent crude futures for November delivery down 0.52% to $102.54 per barrel, while U.S. West Texas Intermediate futures dropped 0.34% to $91.85 per barrel.
This decline comes as a report indicated that Asia's crude oil imports are projected to reach 23.96 million barrels per day in September, the highest level since the beginning of the Iran war, according to data from commodity analysts Kpler. The increase from 23.38 million bpd in August highlights a significant demand in the region.
Meanwhile, geopolitical tensions are escalating, particularly between the U.S. and Iran, with Iranian President Masoud Pezeshkian accusing the U.S. and Israel of causing global instability. He emphasized Iran's commitment to resist perceived threats.
Naeem Aslam, chief investment officer at Zaye Capital Markets, noted that while lower oil prices may provide temporary relief for U.S. and European equities, the markets remain vulnerable to potential risks such as further monetary tightening, renewed conflicts in the Middle East, and ongoing U.S.-China trade discussions. These factors could quickly reverse any support from falling oil prices