Oil prices for Brent futures dropped today, Tuesday, by 2% to below $104 per barrel, amid signs of recovery in oil supplies in the Middle East and efforts to revive mediation between the United States and Iran.
Brent futures fell to $103.5 per barrel, while US crude futures dropped by 2.2% to around $90 per barrel, as of 1:40 PM GMT (4:40 PM Baghdad time).
Despite the decline, oil prices remain at elevated levels, reflecting on fuel prices in several countries and contributing to rising inflation levels.
The decrease followed reports of the resumption of oil flows through the "East-West" pipeline in Saudi Arabia after it was targeted on September 10 of this year.
The American news agency "Bloomberg" reported on Monday, citing a knowledgeable source, that oil exports via the pipeline resumed after repairs, and that flows reached 3.5 million barrels per day, equivalent to half its operational capacity.
In another sign of easing tensions, Qatar announced on Tuesday that it continues its mediation efforts between the United States and Iran to end the confrontation between the two countries, relaying messages between the sides.