Crude Oil Prices Drop Sharply as Reports Suggest Trump Favors Giving Diplomacy More Time on Iran

Deep News11-02 13:20

Crude oil prices fell after reports emerged that U.S. President Donald Trump wants to allow more time for diplomatic efforts before potentially resuming strikes on Iran following Tuesday's midterm elections.

Brent crude dropped more than 3%, falling below $110 per barrel and wiping out all of Friday's gains, while West Texas Intermediate also slipped below $101 per barrel.

Axios reported, citing unnamed sources, that Trump told Israeli Prime Minister Benjamin Netanyahu in a phone call that he prefers a diplomatic resolution, a strategy that has left Netanyahu concerned.

The United States and Israel launched a joint attack on Iran in late February, which triggered the war.

U.S. Secretary of State Marco Rubio said on Saturday that no decision has been made yet on a new round of strikes, and that Trump favors resolving the conflict through diplomacy.

Although ships near the Strait of Hormuz continue to come under attack, efforts to push forward negotiations have eased market concerns about a resumption of hostilities.

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13:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Crude oil prices fell after reports emerged that U.S. President Donald Trump wants to allow more time for diplomatic efforts before potentially resuming strikes on Iran following Tuesday's midterm elections.<br><br>Brent crude dropped more than 3%, falling below $110 per barrel and wiping out all of Friday's gains, while West Texas Intermediate also slipped below $101 per barrel.<br><br>Axios reported, citing unnamed sources, that Trump told Israeli Prime Minister Benjamin Netanyahu in a phone call that he prefers a diplomatic resolution, a strategy that has left Netanyahu concerned.<br><br>The United States and Israel launched a joint attack on Iran in late February, which triggered the war.<br><br>U.S. Secretary of State Marco Rubio said on Saturday that no decision has been made yet on a new round of strikes, and that Trump favors resolving the conflict through diplomacy.<br><br>Although ships near the Strait of Hormuz 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