Oil Prices Recover from Deeper Losses Following Trump's Comments on Iran Incident

Deep News06-10

Oil prices pared earlier losses after former U.S. President Donald Trump stated that the United States must respond to an incident involving an American military helicopter shot down by Iran.

The global benchmark Brent crude traded near $91 per barrel, while West Texas Intermediate (WTI) crude hovered around $89 per barrel. Prices climbed swiftly following Trump's remarks, partially recouping declines triggered by growing signs of a significant downturn in global demand.

Trump's comments raised concerns about a potential renewed conflict between the U.S. and Iran. Such a conflict has previously caused the largest disruption to oil supplies in history and fueled global inflation.

Price Movements

As of 12:55 p.m. New York time, WTI crude for July delivery was down 3.8% at $87.79 per barrel.

Brent crude for August delivery was down 3.2% at $91.36 per barrel.

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