Oil drops 5% after Trump cancels Iran attack
Oil prices declined by 5% after Trump's decision to cancel the attack on Iran, easing tensions in the region. This led to the futures contracts for Brent crude dropping to $83.46 per barrel and West Texas Intermediate to $79.73, following gains of over 20% last month due to the escalation between the United States and Iran. These developments came after Trump's statements in which he gave Iran and other countries a deadline to reopen the Strait of Hormuz and resolve the nuclear issue, amid fears of additional attacks on oil tankers. Additionally, the OPEC+ group announced an increase in oil production starting from September to compensate for the decline in output.
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