Oil futures fell nearly $2 a barrel on Tuesday, Nov. 5, but due to the disruption in Middle East shipping and the failure to reach an agreement to end the U.S.-Israel war with the Islamic Republic of Iran, prices remained near their highest level in six months. Brent crude oil futures fell $1.93 (1.67%) to $113.88 a barrel, and US West Texas Intermediate (WTI) crude fell $1.86 (1.83%) to $99.90. The Washington Institute announced that October was the worst month for attacks on merchant ships in the Strait of Hormuz. Despite the increase in traffic, security risks remain, and UBS has predicted that Brent oil prices will remain above $110 a barrel until the end of the year. The Reuters news agency saw that this price reduction was related to the trip of the representatives of the member states of the Makkah Defense Treaty to Tehran and the discussions that took place.

Oil futures fell nearly $2 a barrel on Tuesday, Nov. 5, but due to the disruption in Middle East shipping and the failure to reach an agreement to end the U.S.-Israel war with the Islamic Republic of Iran, prices remained near their highest level in six months. Brent crude oil futures fell $1.93 (1.67%) to $113.88 a barrel, and US West Texas Intermediate (WTI) crude fell $1.86 (1.83%) to $99.90. The Washington Institute announced that October was the worst month for attacks on merchant ships in the Strait of Hormuz. Despite the increase in traffic, security risks remain, and UBS has predicted that Brent oil prices will remain above $110 a barrel until the end of the year. The Reuters news agency saw that this price reduction was related to the trip of the representatives of the member states of the Makkah Defense Treaty to Tehran and the discussions that took place.