Brent oil is traded at $103.65

The forward barrel price of Brent oil, which rose to $103.86 yesterday, completed the day at $103.08. The November term barrel price of Brent oil increased by 0.55 percent compared to the closing date at 09.58 today, reaching 103.65 dollars.

At the same time, the barrel price of West Texas Intermediate (WTI) crude oil for November delivery was determined as 92.65 dollars.

The partial rise in prices is due to the uncertainty regarding the reopening of the Strait of Hormuz and the ongoing security risks in the region, despite the diplomatic contacts between the USA and Iran to end the war.

In his speech at the 81st General Assembly of the United Nations (UN), Iranian President Massoud Pezeshkian said that his country is ready for diplomacy, but they are not afraid of war against the threats and pressures of the USA.

Iranian Foreign Ministry Spokesperson Ismail Bekayi also announced that Iran contacted the USA in New York through the mediation of Qatar and conveyed Tehran's conditions. Regarding the indirect meeting of Iranian Foreign Minister Abbas Erakchi with the US delegation, Secretary General of Iran's Supreme National Security Council, Mohsin Rezai, stated that the 7 conditions presented by Iran before the opening of the Strait of Hormuz should be implemented by the US within 3 or 4 days, and then the steps Iran will take will be clear.

US Secretary of State Marco Rubio stated that he would not describe the meeting in New York as a "breakthrough", but that it was important that the meeting took place, and also pointed out that the agreement with Iran would require intense work over time.

In his speech at the 81st UN General Assembly, US President Donald Trump stated that he was in the process of making a decision about making an agreement with Iran or "destroying" this country, and that he believed that an agreement would be reached with Iran immediately after the elections on November 3.

These developments indicate that although contacts between the parties continue, an agreement has not yet been reached regarding the reopening of the Strait of Hormuz and ending the war.

On the other hand, UK Maritime Trade Operations (UKMTO) reported yesterday, based on security sources, that a cargo ship was hit in the Strait of Hormuz.

On the supply side, developments regarding Saudi Arabia's East-West Oil Pipeline are followed. News that the oil flow has resumed at a low level, allowing exports through the country's Yenbu Port on the Red Sea coast, alleviates supply concerns and limits the rise in prices.

It is stated that technically $ 105.33 can be watched as resistance and $ 99.38 as support zone for Brent oil.