Oil Prices Decline as Trump Calls Off Planned Strikes Against Iran

Deep News02:40

Oil prices fell during light trading after U.S. President Donald Trump stated he had called off a planned military escalation against Iran, easing market tensions that had been heightened by earlier threats.

Brent crude dropped by as much as 3.9%, falling below $90 per barrel. Trump posted on social media that he had "called off the planned strike," retracting a previous threat to seize Iran's Kharg Island oil export terminal, a crucial hub for the country's crude exports.

Trump also indicated that the United States is close to reaching a deal with Iran.

At 1:41 p.m. New York time, July-delivery WTI was down to around $86.57 per barrel, while August-delivery Brent was hovering near $89.50 per barrel.

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