Oil falls below $98 a barrel

Oil prices fell during Tuesday’s trading session, dropping below $98 per barrel, following reports that Saudi Arabia’s East-West pipeline had resumed operations and that the Strait of Hormuz could be reopened. Brent crude declined 2.8% to $97.55 per barrel in spot trading, while West Texas Intermediate (WTI) crude fell 3.1% to $89.30 per barrel. Reuters and other global news agencies cited an Iranian official who said Tehran indicated the Strait of Hormuz could be reopened within seven days if the United States took initial steps to ease military pressure, thereby alleviating concerns about disruptions to a critical global oil shipping route. Tanker tracking data showed that approximately 14 million barrels of Saudi crude oil were loaded onto seven very large crude carriers (VLCCs) inside the Gulf on Sunday, signaling increased exports through the strait.