Trump's surprise Iran remarks send oil prices tumbling
Oil prices dropped around 10% after US President Donald Trump announced a halt to strikes on Iranian energy infrastructure. The move offered relief to crude prices, which had surged since the outbreak of the Middle East war, with international benchmark Brent North Sea crude jumping over 40%.
Oil prices sank after US President Donald Trump ordered a halt to strikes on Iranian energy infrastructure. Trump cited 'very good' talks with Tehran, despite Iran's foreign ministry denying any negotiations. The move relieved crude prices, which had surged since the Middle East war outbreak. Energy exports from the Gulf have been disrupted, removing around 11 million barrels of oil per day from the market. The global economy is under 'major threat' from the resulting energy crisis. Investors rushed to sell and lock in profits, triggering a rapid fall in prices.
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