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Oil price swings after Trump Iran remarks
Oil markets experienced sharp fluctuations after U.S. President Donald Trump confirmed that Washington does not intend to launch a military attack on Iran before the November congressional elections, leading to a more than 5% rise in oil prices, followed by a subsequent decline. The futures contracts for Brent Crude hit $103.73 per barrel, while West Texas Intermediate reached $91, amid geopolitical concerns over tensions in the Gulf and the impact of Hurricane ‘Iesaías,’ which halted a significant portion of production in the Gulf of Mexico. Iran is also considering reopening the Strait of Hormuz, while regional tensions are escalating with the possibility of Syria providing military support to Saudi Arabia amid its conflict with the Houthis, thereby putting pressure on global energy security and supply lines.
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