Brent Crude Falls Below $90 for First Time Since August

S. President Donald Trump again signaled potential de-escalation in the Middle East and no need for strikes against Iran. S. benchmark, traded below $85 per barrel, falling by over 2%. At the start of Asian trading, Brent Crude had dipped below $92 per barrel, following reports citing President Trump as not planning to attack Iran “at this point”.

However, the Houthis continue to target Saudi energy infrastructure, with the latest attack once again on the East-West pipeline. According to an official from the Saudi energy ministry, the attack caused a “limited fire”, which was extinguished. In morning trade in Europe on Tuesday, the market appears focused on the hopes that the latest diplomatic push in the Middle East, mediated by Qatar, could result in some form of an agreement.