Oil falls as Trump signals restraint on Iran despite fresh shipping attacks

International crude benchmarks were lower on Monday, with Brent down $1.65, or 1.7%, at $96.67 a barrel and US West Texas Intermediate off 96 cents, or 1%, at $89.87 by 0830 GMT, Business Recorder reported. The decline followed US President Donald Trump’s remarks that further attacks on Iran were unlikely while discussions continued, although reported strikes affecting ships around the Strait of Hormuz kept concerns over transport and supply alive.

Brent had already lost 16% over the previous week. JPMorgan said supply was exceeding use, projecting a surplus of 1.1 million barrels per day in September and 1.4 million in October, as Middle Eastern flows recovered, production elsewhere increased and demand remained weak. The report also noted a Houthi claim of an attack on Saudi Aramco offices in Riyadh and a fire at Russia’s Kirishi refinery after a Ukrainian drone strike.