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Oil Prices Drop Below 90 Dollars as Trump Says Iran War Could End Soon
- On Tuesday, Brent crude futures declined 1.7 per cent to US$90.99 a barrel as President Donald Trump downplayed the need for military action against Iran, easing fears of sustained supply disruptions in the Middle East.
- Crude exports from the Persian Gulf have returned to around 80-85% of pre-war levels, while reports that Iran may be softening its position on the Strait of Hormuz reduced concerns over prolonged transit disruptions.
- Despite the recent selloff, Gregory Brew, a senior analyst with Eurasia Group, said prices are unlikely to fall below US$90 per barrel without durable de-escalation signs, noting risks to shipping remain high as Iran continues attacks.
- Governor Andrew Bailey of the Bank of England warned that even if energy prices drop, there is "already a significant amount of inflation pressure in the pipeline," citing Middle East conflict resolution as critical for UK relief.
- President Trump said during a Monday night press conference that the war in Iran could end "fairly soon," shifting from earlier claims the US was "locked and loaded and ready to go" to saying military action is not "necessary" at this stage.
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35 Articles
35 Articles
Hopes for an end to the Iran war are causing oil prices to fall. Development is also noticeable on the stock exchange, but the situation on the Gulf remains unclear.
·Munich, Germany
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The Brent of the North Sea reference of the world oil market – came to fall to 89.66 dollars a barrel in hours of the morning, before rising to just over 90 dollars.
·Warsaw, Poland
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Sinking oil prices relieve drivers: E10 costs less than two euros on a national average. However, the situation on the Gulf remains unclear.
The price of Brent crude, the international benchmark for oil prices, fell below $90 a barrel on Tuesday for the first time since August amid growing hopes that the U.S.-Iran war could end.
·Vilnius, Lithuania
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Total News Sources35
Leaning Left3Leaning Right1Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 30%
C 60%
Factuality
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