Oil prices turn higher, posting weekly gains despite Trump's remarks on Iran talks

Oil prices rose during Friday's trading session, despite easing concerns over Middle East supplies, after US President Donald Trump announced that the United States would not attack Iran before the midterm elections scheduled for next month. He also spoke of "productive" talks to end the war between the two countries, which has caused disruptions in global energy markets. Trump hinted at an upcoming, undisclosed announcement regarding diesel and stated he is considering suspending the federal gasoline tax. At the close of the session, NYMEX crude oil futures for November delivery settled 0.4% higher at $91.85 per barrel, posting a weekly gain of 0.8%. Brent crude futures for December delivery also settled 0.4% higher at $104.72 per barrel, recording a weekly gain of 2.4%. Prices were pressured by plans from China, the world's largest oil importer, to resume refined fuel exports following a brief pause during the Golden Week holiday, as reported by Reuters on Friday citing informed sources. War developments and shipping risks keep the market highly volatile; oil prices fluctuated this week amid escalating threats to shipping in the Gulf and the Strait of Hormuz, which accounted for approximately 20% of global oil and fuel supplies before the war. On Thursday, Trump stated that Washington is holding "productive talks" with Iran, confirming no plans for an attack before the November 3 midterm elections, following media reports that he was considering such an action. On the same day, Iran's Tasnim news agency reported that Foreign Minister Abbas Araghchi said Tehran is reviewing the US response to its proposal to reopen the Strait of Hormuz within seven days. Despite these signs, the US continues to exert economic pressure on Iran, imposing sanctions targeting individuals, networks, and 17 vessels involved in transporting Iranian crude oil, petroleum products, and petrochemicals. The war in Iran, along with the Russia-Ukraine conflict, has disrupted refined fuel supplies, including gasoline, jet fuel, and particularly diesel. Meanwhile, the oil market is facing the impact of Hurricane Isaias in the Gulf of Mexico, where producers have halted about 1.3 million barrels per day of oil production, equivalent to 62.9% of current output, according to data from the US Bureau of Ocean Energy Management as of Thursday. Ethereum (ETH) fell below the $2,500 level on Thursday, dropping about 4% and extending its losses for the third consecutive session. Gold prices rose for the second consecutive session on Friday, hitting a one-week high as buyers returned to hunt for opportunities after the precious metal hit a two-month low earlier in the week, while traders assessed the likelihood of further interest rate hikes by the US Federal Reserve. Soybean and corn futures prices rose on the Chicago Board of Trade on Friday as traders positioned themselves ahead of key supply and demand reports.