WTI Falls 1.2% to US$90.40 as Trump Rules Out Iran Strike | Oil, Oct 9
WTI crude fell 1.2% to US$90.40 and Brent 1.3% to US$102.91 on 9 October after Trump said the US would not strike Iran before the November midterms. The post WTI Falls 1.2% to US$90.40 as Trump Rules Out Iran Strike | Oil, Oct 9 appeared first on The Rio Times .
Oil prices fell on Friday 9 October as US President Trump ruled out attacking Iran before the 3 November midterm elections, according to wire material. The WTI fell 1.2% to US$90.40 a barrel, while Brent dropped 1.3% to US$102.91. The announcement eased concerns about disruption to shipping through the Strait of Hormuz, a crucial Gulf oil route.
Prices fell due to a political promise, not a change in supply, with WTI closing at US$90.40 and Brent at US$102.91, according to La República of Colombia. Brazil's Petrobras shares rose in New York, while export revenue for Brazil, Colombia, and Mexico was trimmed. The price still trades above US$100, indicating markets continue to price supply risk in the Gulf.
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