Brent crude oil prices fell by approximately 1% to $103 per barrel following President Trump's announcement to pause attacks on Iran ahead of the midterm elections. This decision, alongside China's resumption of fuel exports, has alleviated some concerns regarding potential oil supply disruptions due to Hurricane Isaias, which has led to temporary halts in Gulf of Mexico production.
As a result of the hurricane, operations have been suspended on platforms producing around 1.3 million barrels of oil daily. The situation remains fluid, with personnel evacuations reported from a significant number of production platforms in the Gulf, highlighting the ongoing impact of the hurricane on energy production in the region.