Brent crude oil price drop after Trump Iran remarks, Digi Mart USA News: Brent crude oil fell to its lowest level in ten weeks on Monday, dropping as much as 7.9 percent to $90.56 a barrel, the lowest since August 31, according to the Financial Times.
The price later recovered somewhat and closed at $92.57 a barrel, a decline of 5.9 percent. U.S.
West Texas Intermediate (WTI) crude fell 4.4 percent to $86.85 a barrel.
The decline came after U.S. President Donald Trump told CNN on Sunday that new American strikes against Iran are likely not necessary.
Arne Rasmussen, chief analyst at Global Risk Management, told the Financial Times that Trump clearly prefers a diplomatic solution.
Rasmussen stressed that the gap between the United States and Iran remains significant, but said changing expectations had affected oil prices.
Monday’s price drop followed a week of sharp declines in the oil market. Brent recorded its largest weekly price fall since April 2020 after Republicans suffered a historic defeat in the U.S.
midterm elections.
Analysts Amrita Sen and Daniel Sternoff of Energy Aspects wrote in a note that the midterm results made clear that voters want an end to the war against Iran, and that the oil market appears to believe Trump will heed the will of the people.
