Brent crude below $90 for first time since August on Iran hopes
Brent crude oil prices dropped below $90 a barrel following comments from President Trump suggesting that the conflict with Iran is nearing an end. The market remains volatile as traders react to shifting geopolitical tensions in the Middle East.
Why it matters
Energy prices are highly sensitive to Middle Eastern conflict, and a potential de-escalation could significantly impact global inflation and fuel costs.
International oil benchmark Brent crude briefly fell below $90 a barrel for the first time since August on Tuesday as comments from U.S. President Donald Trump fueled hopes for an end to Washington's nearly nine-month conflict with Iran.
Brent, the price gauge for around 80% of global crude, settled down 1.17% at $91.49 a barrel. At its session low, the international benchmark slid to $89.16. U.S. WTI crude fell 0.93% to settle at $86.04 a barrel.
Brent crude oil. Trump said on Monday that the war with Iran could end "fairly soon" and that Tehran was "talking very politely" with Washington.
"We're seeing momentum toward the end of this conflict. I think it's going to be ending fairly soon," he said at the White House following a meeting with Qatar's prime minister, Sheikh Mohammed bin Abdulrahman Al Thani. "Iran militarily is effectively over," Trump told reporters.
Headlinne story · 4 newsrooms
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