Brent and WTI slipped about $0.60 intraday; Brent crude fell over 3% to $96.43/bbl, WTI down 2.16% at $86.48/bbl.

Foreign Ministry spokesman Guo Jiakun told reporters on Oct. 6 the UK is reportedly considering raising import tariffs on electric vehicles from China. He said specific questions should be directed to the relevant Chinese authorities and added that China’s EV industry supplies competitive choices, contributes to the green, low‑carbon transition, and represents high-quality capacity that is in short supply.

Rezaei, secretary of Iran’s Supreme National Security Council, posted on social media that Bessent’s “delusional forecasts” were never credible and that his latest propaganda will be short-lived. He said the US “has lost the military war” and “will fail in the economic war,” and warned the Strait of Hormuz will not be opened by threats or pressure; Iran will not back down.