Oil prices decline with the opening of Asian markets
Following a three-day increase, Brent and WTI crude oil barrel prices declined in Asian markets.
US President Donald Trump stating that moves against Iran will not take long and evaluations regarding energy flow in the Strait of Hormuz caused a decline in the oil market.
Latest situation in Asian markets
Oil prices showed a downward trend on Thursday with the opening of Asian markets. Having gained about 1 percent on Wednesday, both oil types retreated from their highest levels in the last five weeks.
Brent and WTI prices
The barrel price of North Sea Brent oil recorded a 0.4 percent decline, falling to $95.25. Meanwhile, the barrel price of US West Texas Intermediate (WTI) crude oil traded at $90.80, showing a 0.2 percent decrease.
Trump's operation statement
In his statement on Wednesday, US President Donald Trump emphasized that his country's military operation against Iran would not continue for a long time. This statement played a role in easing supply concerns in the market.
Strait of Hormuz traffic
Tanker traffic is closely monitored in the Strait of Hormuz, which is the focal point of the markets. US Energy Secretary Chris Wright reported that approximately 17 million barrels of crude oil pass through the strait, while according to Kpler data, only 4 commercial vessels passed through the strait on Tuesday.
US inventory data
Commercial crude oil inventories in the US decreased by 4.5 million barrels last week, declining for the first time after a five-week rise. Gasoline inventories decreased by 1.2 million barrels, while distillate inventories increased by 800 thousand barrels.
OPEC+ meeting expectations
Markets are closely monitoring the OPEC+ meeting to be held on Sunday, where the October production policy is expected to be discussed.