Oil prices slip 1% as Saudi supply recovers, Trump cools Iran deal hopes
Global crude oil prices fell about 1% on Tuesday after Saudi Arabia's supply outlook improved, but losses were limited by President Donald Trump's remarks dampening hopes for a short-term deal with Iran. Brent crude for November closed at $99.25 per barrel, down $1.09, while West Texas Intermediate for October settled at $94.99, down $1.19. Prices had dropped over $2 earlier before Trump's speech at the UN General Assembly. Saudi Arabia resumed its East-West Pipeline after a Sept. 13 drone attack, and tanker traffic through the Strait of Hormuz averaged 2.9 million barrels per day over six days, up from 700,000 in August. Iran said it could reopen the strait within seven days if US pressure eases.