Brent falls below $95 as traders weigh Iran diplomacy

Brent crude fell below $95 a barrel on Thursday, November 5, as traders weighed the prospect of reduced conflict between the United States and Iran after President Donald Trump said he had no immediate plans to strike Iran. West Texas Intermediate also dropped, with prices extending a sharp decline from the previous session. Brent was quoted at $93.50 in Thursday morning trading in one report and $93.63 at 9:59 a.m. Beijing time in another. A later report put the January Brent contract at $94.11. These are observations at different reporting times, not a single closing price. WTI was quoted below $87 in Thursday morning trading and at $87.13 at 9:59 a.m. Beijing time. On Wednesday, Brent fell about 8% and WTI declined roughly 4.5%. The price retreat followed a fall in Brent below $100 on Wednesday, its first move under that level since early October, according to the reports. The market’s response reflects traders’ assessment that diplomatic progress could reduce the risk of prolonged supply disruptions, particularly around the Strait of Hormuz. That connection is a market interpretation; the reports do not establish that an agreement has been reached or that supply risks have...