Oil falls below $90 after Trump’s statements about the “end of the Iran war”
Oil prices fell in extended trading on Monday, after US President Donald Trump said that The Iranian War "Pretty much over"referring to the study of controlling the Strait of Hormuz, the most important waterway in the world for the crude oil market. The price of Global benchmark Brent crude fell 4.6% to $88.43 per barrel, while US crude oil fell 6.19% to $85.27 per barrel. Three informed sources told the agency "Reuters" Trump is also considering easing oil sanctions on Russia to help lower crude oil prices. West Texas Intermediate crude futures closed 4.26% higher at $94.77. The price of West Texas Intermediate crude jumped to $119.48 overnight as the Arab Gulf countries reduced their production due to ships stopping crossing The Strait of Hormuz as a result of Iranian threats. Brent crude had reached its highest level at $119.50 earlier in the session, and this is the first time that oil prices have exceeded the $100 per barrel barrier since the Russian invasion of Ukraine in 2022.
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