Brent oil drops below $96 per barrel

The price of Brent crude oil fell to $96 per barrel.

Consensus

Brent crude futures fell below $96 per barrel on the ICE Futures exchange.
Prices for both Brent and WTI crude declined by approximately 1.5% to 2% during the day.
Export volumes of crude oil from major Middle Eastern producers reached 12.8 million barrels per day in September, the highest level since February.
The increase in exports is largely attributed to indirect or circumventing routes, such as ship-to-ship transfers.
U.S.-Iran negotiations are ongoing through intermediaries, with both sides exchanging messages.
Analysts note that the growth in exports is occurring via less efficient and more costly methods.

The lowest price for Brent crude since September 7 was $95.96 per barrel at 15:36 MSK. — kommersant
The Wall Street Journal reported that U.S. President Donald Trump intended to resume bombing Iran after the November congressional midterms. — vedomosti
Iran proposed a seven-day ceasefire in exchange for opening the Strait of Hormuz and resuming nuclear talks, which the U.S. rejected. — vedomosti
Brent crude futures dropped to $104.35 per barrel on September 29, which contradicts the lower prices reported by other sources. — interfax
Iran's Foreign Minister confirmed direct talks with U.S. via Qatari intermediaries in New York. — interfax
President Trump confirmed that the U.S. held talks with Iran through intermediaries on Monday. — interfax