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Oil drops after Trump's Iran comments
Oil prices retreated on Friday following comments from Trump about not attacking Iran before the US elections, which eased concerns over Middle Eastern supply disruptions. Brent futures fell by $1.37 to $102.91 per barrel, and West Texas Intermediate dropped $1.09 to $90.40, despite Brent posting a weekly gain of 4% due to increasing attacks on oil tankers. Trump confirmed that there are constructive talks with Iran and that no attack is planned before the congressional elections on November 3rd, while Iran is considering its response to the proposal to reopen the Strait of Hormuz. Additionally, tensions continue to impact the global oil market, with around 1.3 million barrels per day of production halted due to Hurricane Ian, and China is seeking to resume fuel exports to help alleviate market shortages.
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