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Oil prices fall as Trump halts Iran strike
Oil prices fell by more than 5% after U.S. President Donald Trump announced that he would back down from attacking Iran, leading to a easing of tensions and a market decline. Brent crude dropped to $83.44 per barrel, while West Texas Intermediate fell to $79.77, both having gained over 20% last month due to the escalation between Washington and Tehran and the rising attacks on oil tankers in the Gulf. This decline comes after Trump’s statements indicating that Iran and Middle Eastern countries requested a postponement to resume an agreement that would reopen the Strait of Hormuz and halt Iranian nuclear threats. This information alleviated fears and impacted global oil markets.
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