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…
Brent crude futures experienced a significant drop of almost 5 percent on Monday, reaching the lowest level since early September. This decline occurred after U.S. President Donald Trump indicated a reduced likelihood of launching new strikes against Iran. Although attacks on shipping vessels near the Strait of Hormuz continued, the potential for peace appeared to influence market sentiment.
Brent crude futures dropped by $4.57, or 4.65 percent, to $93.75 a barrel. The session low was $92.80 a barrel. The Brent benchmark fell by 16 percent last week and hit a two-month low of $93.22, marking the steepest weekly decrease since the beginning of the COVID-19 pandemic. Trump suggested on Sunday that he was highly unlikely to order further attacks on Iran as long as negotiations aimed at ending the conflict progressed.
Despite this, both nations reported that shipping activity had been impacted in or near the Strait of Hormuz, which reportedly encouraged sellers. Analysts from TACenergy noted that the prospects for peace were seen despite ongoing fighting. Earlier in the week, Trump had hinted at a potential resumption of attacks on Iran, and Tehran had vowed to respond.
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