Brent crude was back at $90.32 a barrel by 4:33 a.m. ET (09:33 UTC) Tuesday after an earlier dip below $90, its first since August, The National reported.
The National said Brent is the benchmark for about two-thirds of the world’s oil. It also reported that West Texas Intermediate, the U.S. crude benchmark, was down 2.27% at $84.77 a barrel.
In its account of a Monday White House appearance, The National reported that President Donald Trump said further U.S. military action against Iran did not appear necessary at that point. After meeting Qatari Prime Minister Sheikh Mohammed bin Abdulrahman, Trump said, “I think it’s going to be ending fairly soon.”
The National attributed the market move to expectations that Middle East oil supply could improve following Trump’s remarks.
UBS raised its year-end Brent forecast to $110 a barrel, citing disrupted supply flows and high tanker costs; EconoTimes covered the change in its earlier report on the forecast. The bank also put Brent at $95 for March 2027 and $90 for June 2027, and cited tanker freight of $30 to $40 a barrel from Middle Eastern ports to China. UBS said visible global oil stocks had fallen by more than 500 million barrels since February.
