The October Brent futures flat price trended lower on Tuesday afternoon, falling by over $1 after hitting resistance at the $82/bbl level, reaching lows of $80.62/bbl at 17:07 BST, and trading at $80.81/bbl at 17:30 BST (time of writing). The fall in prices can be attributed to a fading geopolitical risk premia on the decreasing likelihood of an imminent attack by Iran against Israel, while the IEA report released earlier projected a grim forecast on global oil demand growth relative to OPEC projections. High-stakes Gaza ceasefire talks resume on Thursday, involving Qatar, Egypt, and the US as mediators. Crude supplies to Libya’s Es Sider export terminal have been disrupted by a fire along a pipeline connecting the port’s storage tanks with oil fields, a trader told Argus. Two ships reported coming under attack in the Red Sea off the coast of Yemen on Tuesday, although neither reported damage, British maritime agencies said. Finally, the front (Oct/Nov) and 6-month (Oct/Apr) Brent futures spreads are at $0.79/bbl and $2.87/bbl respectively.
