Oil prices fell substantially after US President Donald Trump indicated on Monday that the battle against Iran could be short-lived and that the US was considering lifting oil-related sanctions on specific countries to relieve pressure on crude markets. So, in certain countries, we’re going to lift sanctions until this is resolved,” Trump told reporters, without identifying which countries were under consideration.
The United States presently imposes oil trade sanctions on a small number of countries, including Iran, Venezuela, Russia, Syria and North Korea.
Trump also stated that he spoke with Russian President Vladimir Putin on Monday about the conflict and other subjects.
Oil prices fell from their recent highs, with both WTI crude and Brent futures plunging more than 9%. During the European morning, Brent was trading just below $90 a barrel, while WTI was trading at $85.40.
Prices briefly rose to its highest level since 2022, near $120 per barrel, a day after Iran’s Assembly of Experts nominated Mojtaba Khamenei as supreme leader in place of his late father. Traders interpreted Tehran’s appointment as a signal that it was digging in, ten days into the war begun by the US and Israel.
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