The print is a two-week low. A Red Sea cargo is still not on the board
Reuters reported Tuesday that oil fell to a two-week low as traders priced in more Gulf supply. At 1027 GMT, the November Brent contract was $98.33 a barrel, down $2.01, or 2 percent. The October WTI contract, which expires Tuesday, was $93.28, down $2.50, or 2.61 percent. The more active November WTI contract was $89.92, down $2.45, or 2.65 percent. Reuters said all three touched their lowest levels since September 8.
A senior Iranian official told Reuters Iran can reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports. The official said the Iranian delegation at the United Nations General Assembly has full authority to revive diplomacy with the United States. That is a statement to Reuters. It is not a reopened strait.
Three sources briefed on the matter told Reuters Saudi Arabia has restarted the East-West Pipeline and could resume Yanbu exports later Tuesday. Two of them said the line was pumping at a low rate. Saudi Arabia has not posted a loading restart. Tanker tracking cited by Reuters showed about 14 million barrels of Aramco crude loaded on seven supertankers inside the Gulf on Sunday.
Hamad Hussain at Capital Economics told Reuters the Hormuz talk may be a sign diplomacy is working, and that tolls and fees could still block a lasting fix. Ole Hansen at Saxo Bank said he does not see much further downside until more supply, especially refined products, moves through Hormuz.
No Canadian listed issuer posted against this print. The oilsands book still feels the tape first: Canadian Natural (TSX: CNQ), Suncor (TSX: SU), Imperial (TSX: IMO), and Cenovus (TSX: CVE). This is tape. It does not change a 2026 production guide. It is not a Tilbury FID, and it is not a Line 5 note.