Brent crude falls 2.56% to $102.59 as Saudi exports resume via Red Sea

Brent crude oil futures for November delivery fell 2.56% to $102.59 per barrel on the London market, following Saudi Arabia's resumption of oil exports via the Red Sea. The North Sea benchmark closed $2.69 lower than Monday's $105.28 on the Intercontinental Exchange. The decline was driven by investor optimism over the reactivation of the Saudi East-West pipeline, easing supply shortage fears amid stalled US-Iran diplomatic talks. Iranian Foreign Minister Abbas Araqchi met Qatari mediators in New York, discussing proposals to relay to the US and Tehran's conditions for reopening the Strait of Hormuz. He awaits a formal US response, despite President Trump rejecting Iran's seven-day truce proposal.