Asian buyers are shifting to African and Brazilian oil as tanker rates from the Gulf fall. ASEAN agreed to set up a joint crude stockpiling scheme because of supply disruption from the Iran war. Brent crude fell about 0.4% to $92.39 a barrel. Peace hopes pressed prices down.
Why it matters: Fuel costs for Asian households and businesses depend on how supply recovers.
Brent crude briefly dipped below $90, the lowest since August, on hopes of diplomatic progress on Iran and Ukraine. US gasoline fell below $4 a gallon for the first time since July. Tankers are still being attacked in the Gulf.
Why it matters: Lower fuel prices ease costs for drivers and businesses.
Brent crude rose about 1% to $99.26 a barrel. Prices had fallen sharply on Wednesday on hopes the election result would lead to a deal with Iran. They recovered as ships came under attack in the Gulf. Some US shale producers are holding back drilling despite higher prices.
Why it matters: High oil prices raise fuel and shipping costs for households and businesses worldwide.
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