Oil prices fall more than 10% after Trump's statements on negotiations with Iran
Both the North Sea Brent crude and West Texas Intermediate barrels lost more than 14%. Photo: iStock
TL;DR
- Oil prices fell more than 10% after President Trump announced postponed attacks on Iranian energy plants.
- The postponement followed "very good" and productive conversations with Tehran.
- Brent and West Texas Intermediate crude prices fell over 14%, reaching $96 and $84.37 respectively.
- Trump stated that the U.S. and Iran have had positive discussions regarding resolving hostilities in the Middle East.
- The U.S. President instructed the Department of War to postpone military attacks on Iran's energy infrastructure for five days.
- This announcement came after Trump gave Iran a 48-hour ultimatum to reopen the Strait of Hormuz.
- European stock markets showed optimism, recovering from morning losses to trade in positive territory.