Brent oil nears USD 110 per barrel as Trump rejects Iran's peace plan

0 Share Oil markets are reflecting the turmoil in the Middle East, as United States President Donald Trump dismissed Iran’s proposal for peace, while Houthi attacks have been bolstering fears of longer disruptions. Brent futures are changing hands at nearly USD 109 per barrel, inching toward the peak reached in May. At the same time, Western Europe is bracing for the possibility that the administration in Washington DC bans diesel exports in the runup to the US midterm elections. The price of the benchmark futures contract for Brent oil climbed to almost USD 109 per barrel today, testing the highest levels since May. It spent most of the past three weeks above USD 100 per barrel, though with several intraday swings below and above the psychological threshold. Conversely, West Texas Intermediate (WTI) oil peaked at under USD 96.5 per barrel in the current session.