Saudi-Iran tensions can’t stop the oil price crash as Brent reaches fresh 11 year low
Brent crude resumes sell-off as Iranians says oversupply, rather than a new Middle East war, is the biggest threat to prices. Brent crude has slumped to a fresh 11-year low as the world's record oil supply glut weighs on traders.
The price of a barrel of the world's benchmark fell by more than 2pc to $35.66 in early trading on Wednesday, extending a third consecutive day of losses and hitting lows not seen since 2004.
The sell-off resumed after escalating tensions between Iran and Saudi Arabia - two of the world's biggest rival producers - saw Brent spike briefly in Monday trading.
But traders shrugged off the prospect of a new bout of geopolitical risk in the Middle East. West Texas Intermediate - the US benchmark - also declined 1.5pc to $35.44.
An Iranian official from ...