Oil prices fall as Asia crude imports rise and Middle East tensions persist

Oil fell Thursday, as traders assess a report that Asia is on track to import its highest volume of crude oil since the start of the US-Iran war while keeping watch on developments in the Middle East.

Futures for international benchmark Brent crude for November delivery declined 0.52% at $102.54 a barrel. U.S. West Texas Intermediate futures for November dropped 0.34% at $91.85 per barrel.

Meanwhile, tensions continue to simmer between the U.S. and Iran after Iranian President Masoud Pezeshkian blamed the U.S. and Israel for stoking global instability.

"The United States president described us as terrorists. We have been the victims of terrorism," Pezeshkian said, according to a live translation of his speech at the United Nations General Assembly. Pezeshkian also asserted that his country will continue to fight back "until our last breath."

While lower oil prices may be giving equities in the U.S. and Europe some breathing room, there are some risks that may reverse that support quickly, according to Naeem Aslam, chief investment officer at Zaye Capital Markets.

"Markets are still sensitive to further monetary tightening, renewed Middle East escalation and this week's U.S.-China discussions around trade, AI and strategic supply chain," Aslam added.