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Oil prices sink 13% as Trump predicts Middle East de-escalation
Oil prices dropped about 13% after President Trump predicted a quick end to the Iran conflict, easing fears of prolonged supply disruptions, despite ongoing refinery shutdowns.
- On Tuesday, oil prices plunged over 13 percent after President Donald Trump predicted the war with Iran could end soon, lowering expectations of prolonged supply disruptions.
- After surging on Monday above $119 a barrel amid Saudi Arabia and other producers' supply cuts, prices retreated following a call between Trump and Russian President Vladimir Putin.
- Intraday snapshots indicate Brent futures fell $10.45 to $88.51 and WTI dropped $10.61 to $84.16 at 12:58 p.m. EDT, showing large intraday moves.
- Abu Dhabi's ADNOC shut its Ruwais refinery on Tuesday after a fire from a drone strike, while G7 energy ministers asked the International Energy Agency to assess reserves before acting.
- Analysts warned supplies won't quickly rebound as nearly 1.9 million barrels per day remain shut, while JPMorgan said 'Policy measures may have limited impact on oil prices unless safe passage through the Strait of Hormuz is assured.
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12 Articles
12 Articles
Oil drops on de-escalation hopes but supply risks remain
Oil prices plunged by more than 11% on Tuesday, a day after US President Donald Trump predicted a quick end to the war with Iran that has disrupted global crude flows. The prolonged conflict, however, is already driving up fuel and energy costs and threatening higher food prices.
·Beijing, China
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Oil Slumps 11% as Trump Signals Resolution of Iran War
By Adedapo Adesanya Oil plunged by more than 11 per cent on Tuesday after the market held onto comments by US President Donald Trump about a quick end to the war with Iran that has disrupted global crude flows. Brent futures fell $11.16 or 11 per cent to $87.80 a barrel, and the US West Texas Intermediate (WTI)
Coverage Details
Total News Sources12
Leaning Left4Leaning Right1Center0Last UpdatedBias Distribution80% Left
Bias Distribution
- 80% of the sources lean Left
80% Left
L 80%
R 20%
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