Texas Crude Falls 10% After Trump Postpones Attacks on Iranian Energy Infrastructure
West Texas Intermediate (WTI) crude oil fell 10% on Monday, reaching $88.13 a barrel, after U.S. President Donald Trump decided to postpone attacks on Iran's power plants and energy infrastructure for five days. At the close of trading, futures contracts for May delivery dropped $10 from the previous day.
TL;DR
- WTI crude oil futures for May delivery fell 10% to $88.13 per barrel.
- President Trump postponed planned attacks on Iranian power plants and energy infrastructure for five days.
- Trump stated there were "productive discussions" and "important points of agreement" with Iran.
- The Strait of Hormuz, critical for global oil transport, may reopen soon if negotiations succeed.
- The International Energy Agency and the U.S. Department of Energy are releasing oil from strategic reserves.