LONDON: AS US President Donald Trump weighs his next steps in the Iran war, Gulf energy producers have adapted to a no-war, no-peace reality that is making their operations more expensive and risky. Even without renewed full-scale fighting, those additional costs could help put a floor under global oil prices.
Benchmark Brent crude LCOc1fell below US$90 a barrel on Tuesday for the first time since late August, extending a decline of more than 20% from its recent high of US$118 on October 30, as investors increasingly discount another major escalation in the US-Iran conflict following the Republican Party's rout in the US midterm elections.
Trump on Monday reinforced that view, saying he would hold off on new military action against Iran following appeals from Gulf allies.
