Brent oil futures flat after Trump’s remarks on Iran war
At 9.33 am on Monday, January Brent oil futures were at $98.31, down by 0.01 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $91.31, up by 0.53 per cent.
On Monday morning, Brent crude oil futures remained steady despite remarks from US President Donald Trump concerning the ongoing war with Iran. At 9:33 am, the price of Brent crude was $98.31, a slight decrease of 0.01 percent, while WTI (West Texas Intermediate) crude oil futures for December were at $91.31, an increase of 0.53 percent. November crude oil futures on MCX were trading at ₹8569, up 0.18 percent, with December futures at ₹8480, a rise of 0.02 percent.
In a conversation with CNN, President Trump expressed his reluctance to order further strikes on Iran as long as progress is made in talks aimed at ending the conflict. "It depends on whether or not they sign a very strong agreement. The answer is: highly unlikely it’s going to be necessary," Trump stated in the interview. He also posted on Truth Social, stating that Task Force Iron Gate is in full effect against the Islamic Republic of Iran, coupled with a naval blockade that prevents goods from entering or leaving the country.
Iraqi Foreign Minister Fuad Hussein reported to Al Jazeera that Iraq had reached an agreement with the US to allow oil exports through the Strait of Hormuz via a shipping lane near Oman. Hussein stated that Iraq had lost around $60 billion due to the Iran war and disruptions to oil exports. Additionally, reports indicated that the Houthi group had carried out an attack on Saudi Arabia's Riyadh on Sunday, damaging offices of Saudi Aramco.
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