(RTTNews) – Oil prices fell on Tuesday, losing for a fifth straight session, amid hopes the diplomatic efforts to end the conflict between U.S. and Iran will result in the reopening of the Strait of Hormuz sooner than later.
West Texas Intermediate crude oil futures for November fell to $89.16 a barrel before recovering to around $90.50 but still remained more than 2% down from previous close.
U.S. President Donald Trump said at the UN General Assembly that he believed the US would reach a deal with Iran right after the midterm elections in November.
Traders looked ahead to a potential meeting between Trump and Iranian President Masoud Pezeshkian, although it is not clear as yet if the meeting will take place.
According to reports Iran had proposed reopening Hormuz within seven days if US takes steps to lift blockade and eases military pressure.
Traders now await weekly crude inventories data from the Energy Information Administration (EIA). The data is due out at 10:30 AM ET on Wednesday.
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