Oil Falls as Trump Signals Restraint on Iran
Traders cut the geopolitical risk premium as Trump signaled fresh strikes are unlikely, even as attacks on ships near the Strait of Hormuz continued.
- On Monday, oil prices fell after President Donald Trump downplayed the likelihood of renewed strikes on Iran, though shipping attacks near the Strait of Hormuz kept supply concerns in focus.
- JPMorgan reported that global oil supply now exceeds consumption, with a surplus of 1.1 million barrels per day in September widening to 1.4 million barrels per day in October due to recovering Middle Eastern flows.
- Brent crude dropped 0.75% to $97.57 a barrel while West Texas Intermediate lost 0.4% to $90.45; the Brent benchmark plunged 16% last week, marking the steepest weekly drop since the start of COVID-19.
- Saxo Bank analyst Ole Hansen said "Oil continues to trade lower on hopes of a US-Iran peace deal rather than concrete signs of progress," with markets awaiting a lasting shift in Trump's approach.
- Trump meets with Qatar's prime minister on Monday to discuss ending the eight-month conflict, though he remains unwilling to accept an existing Iranian truce plan despite no clear victory in sight.
108 Articles
108 Articles
(New York = Yonhap News) Correspondent Lim Soo-jung = International oil prices plummeted on the 9th (local time) following remarks by U.S. President Donald Trump that the possibility of a further attack on Iran is small.
The agency noted that this decline came after US President Donald Trimp reduced the likelihood of renewed strikes on Iran, despite continued attacks on ships near the Strait of Horms. The future contracts of Brent declined by $4.57, or 4.65 per cent, to $93.75 per barrel after the lowest level at $92.80 per barrel. Brent's future contracts earlier on Monday were reduced by 84 cents, or 0.85 per barrel, to $97.48 per barrel, while West Texas's me…
The price of natural gas in Europe has fallen to a level not seen since October 9, close to 79 euros per megawatt hour, after a total decline of 17.7 percent last week. The decline in prices is mainly due to hopes for a diplomatic settlement of the Middle East conflict, as US President Donald Trump has called large-scale military strikes against Iran extremely unlikely.
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