Oil prices fall on renewed hopes for an end to Iran war
Brent crude, the global oil benchmark, fell nearly 3% to $89.66, the lowest since 31 August, on Tuesday morning, after the US president downplayed the need for military action against Iran “at this point”.
Key points
- Brent crude drops below $90 and markets climb after president downplays prospect of further strikes Business live – latest updates Oil prices have fallen to the lowest level since late August while stock markets climbed higher, as markets reacted with relief to Donald Trump saying that the war on Iran is “effectively over”.
- US President Donald Trump, who will meet with Qatar’s prime minister today, downplayed the prospect of a return to conflict, while a flurry of meetings between Chinese and Gulf leaders has also offered grounds for hope.
- The risk is heightened following midterm elections that leave Trump’s domestic power curtailed, meaning he may be more active abroad, a leading political scientist argued: “ We are at a moment of heightened peril.” — Prashant Rao.
Oil prices fell on renewed signs of diplomacy to end the Iran war, though dissent from Washington dampened outright optimism.
Yet, Trump’s secretary of state has labeled some of Iran’s demands “ outrageous and ridiculous,” and renewed attacks on ships near the Strait of Hormuz underlined threats to oil supplies.
Additional details
- The fall came after a near 6% drop on Monday on signs that the conflict might be nearing an end.
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