Oil prices fell after Trump announced his country would not attack Iran before next month's elections
Amid ongoing productive talks aimed at ending the conflict that has shaken global energy markets, supply concerns in the Middle East eased, and oil prices dropped on Friday, after Trump announced that his country would not attack Iran prior to next month's elections.
As of 11:19 Turkish time (08:19 GMT), Brent crude futures fell by $1.68 (1.61%) to $102.60 per barrel. Meanwhile, WTI crude futures declined by $1.31 (1.43%) to $90.18.
While Brent crude prices, which closed Thursday with a 4% gain, showed an upward trend for the week, a slight decline is expected for WTI crude.
Trump's pledge not to launch military strikes against Iran before the midterm elections, combined with China resuming product exports, exerted downward pressure on prices.
However, escalating attacks around the Persian Gulf and the Red Sea have dashed hopes that increased oil exports from the region would be sustainable; consequently, a prolonged drop in oil prices appears unlikely in the near future.
In a statement on Thursday, Trump noted that Washington was engaged in "productive talks" with Iran and that no attacks were planned prior to the November 3 congressional midterm elections. 
There is a need to support the de-escalation of tensions, concrete progress in negotiations, and improvements in maritime security in the Strait of Hormuz.
The US continues to exert economic pressure on Iran; in this context, it announced sanctions on Thursday against individuals, networks, and 17 vessels involved in the transport of Iranian crude oil, petroleum products, and petrochemicals.
Prices fluctuated this week as threats to maritime shipping in the Gulf and the Strait of Hormuz, which accounted for approximately 20% of global oil and fuel shipments prior to the war, intensified in October.
The war in the Middle East and the conflict between Russia and Ukraine have disrupted the supply of refined fuels such as gasoline, jet fuel, and, in particular, diesel.
China, the world's largest oil importer, is preparing to resume refined fuel exports following a brief pause during the "Golden Week" holiday; this move is expected to alleviate market tightness to some extent.
The oil market is also contending with the impact of Hurricane Isaias in the Gulf of Mexico. According to data, producers in the region halted approximately 1.3 million barrels of daily output, equivalent to 62.9% of current oil production, as of Thursday due to the storm.
This disruption provides additional support for oil prices; however, the duration of the impact will depend on post-storm facility inspections and the speed at which operations return to normal.
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