Oil prices decreased following US President Donald Trump’s comments regarding military action against Iran. Although Trump postponed military strikes, he stated that the naval blockade in the Strait of Hormuz would continue. Oil production by Opec rose in October due to increased output from Saudi Arabia, Kuwait, and Iraq. Russian and Ukrainian officials held peace talks aimed at resolving the ongoing conflict between the two countries. Oil prices decreased following US President Donald Trump’s comments regarding military action against Iran. Although Trump postponed military strikes, he stated that the naval blockade in the Strait of Hormuz would continue. Oil production by Opec rose in October due to increased output from Saudi Arabia, Kuwait, and Iraq. Russian and Ukrainian officials held peace talks aimed at resolving the ongoing conflict between the two countries.
