Crude cools off: Oil prices hold near $90 per barrel as US-Iran war tensions ease

Crude oil price holds near $90 per barrelOil prices remained around the $90-per-barrel mark, with Brent crude futures trading at $92.29 per barrel, up 80 cents or 0.87%, while US West Texas Intermediate (WTI) crude futures rose 57 cents or 0.66% to $86.61 per barrel.Both benchmarks had settled at their lowest levels since August 31 for a second consecutive session.The decline comes as easing tensions between the US and Iran have reduced concerns over prolonged supply disruptions in the Middle East.Brent has shed around 17% in recent trading sessions, with Middle Eastern crude exports recovering to near pre-war levels. The recovery has also fuelled concerns about a potential supply glut, adding to the pressure on oil prices.Earlier on Monday, US President Donald Trump said that war with Iran was "militarily ... effectively over", signalling that he was not immediately considering a return to large-scale attacks."We're just keeping it the status quo," Trump told reporters during an appearance at the White House after meeting Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.Trump said Iran had been "decapitated", but added that Washington was still seeking a long-term arrangement to ensure Tehran's nuclear programme was dismantled. Describing negotiations as showing "positive momentum", he said there was a "good chance" the conflict could end."They're talking to us, and they're talking very politely, And we'll see what happens," he said.He added that military action did not currently appear necessary, although US forces remained prepared to resume operations if circumstances changed."The military action doesn't seem to be a very necessary thing, but we're locked and loaded, ready to go for any reason that changes," Trump said.Trump also said the US would maintain its naval blockade in the Strait of Hormuz for now.Meanwhile, Middle Eastern crude exports have recovered close to pre-war levels, while OPEC production increased in October, led by Saudi Arabia, Kuwait and Iraq, according to a Reuters survey. However, export constraints, depleted global inventories and disrupted fuel shipments continue to pose challenges. Industry leaders have warned that rebuilding oil stocks could take up to two years.