Oil markets recover on Trump's Iran remarks
Oil prices have fallen amid the latest political developments, as U.S. President Donald Trump announced that he will not attack Iran before the midterm elections scheduled for next November, reducing concerns over heightened conflict in the Middle East. Brent crude declined by 1.52% to reach $102.80, and WTI by 1.38% to $90.27, although Brent still recorded a weekly gain of 4% due to increased attacks on oil tankers in the region. The prices are now heading towards a slight weekly decline, amid ongoing tensions related to the Strait of Hormuz and new American sanctions on Iran, which is considering the U.S. response regarding the reopening of the strait within the week.
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