Oil falls almost 5% as Trump signals restraint on Iran
LONDON — Brent crude futures were down almost 5 percent on Monday after hitting their lowest since early September, after U.S. President Donald Trump downplayed the likelihood of renewed strikes on Iran, though attacks continued on ships near the Strait of Hormuz. Brent crude futures were down $4.57, or 4.65 percent, at $93.75 a barrel by 12:04 p.m. EDT (1704 GMT). Their session low was $92.80 a…
Oil prices plummeted nearly 5% on Monday, dropping to their lowest level since early September, following U.S. President Donald Trump's comments suggesting restraint in future strikes on Iran. Despite the ongoing conflict, tensions eased as Trump expressed low likelihood of renewed attacks, as long as negotiations to settle the dispute progressed.
The Brent crude futures fell by $4.57, or 4.65%, to $93.75 per barrel, marking a 16% decline last week and reaching a two-month low of $93.22. U.S. West Texas Intermediate futures also saw a 3.51% drop to $87.64 per barrel. Shipping incidents near the Strait of Hormuz fueled the market's optimism for a potential ceasefire, even as hostilities persisted.
Last week, Trump had hinted at a possible resumption of attacks on Iran, leading to Tehran's vow to retaliate if provoked.
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