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Oil falls as Trump commits to avoid Iran strikes
Oil prices declined today, Friday, after U.S. President Donald Trump announced that the United States would not attack Iran before the midterm elections in November. This led to a 1.4% drop in Brent crude to $102.9 per barrel and a 1.1% decrease in West Texas Intermediate to $89.8 per barrel. Nevertheless, Brent has recorded a weekly gain of 4%, influenced by increased attacks on ships transporting oil through the Gulf, ongoing tensions between the U.S. and Iran, and the escalation of the war in Yemen. The market faces the risk of military escalation that could disrupt oil flows, especially with rising shipping costs due to the war and the suspension of 1.3 million barrels per day of production in the Gulf of Mexico caused by Hurricane Idalia. Meanwhile, the naval blockade on Iran remains in place.
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