Oil plunges 15pc amid ‘hopes’ of de-escalation

NEW YORK: Oil prices plunged by about 15 per cent on Tuesday, a day after soaring to their highest levels since 2022, pressured after US President Donald Trump predicted the war with Iran could end soon, which should minimise oil supply disruptions.

Brent futures fell $14.23, or 14.5pc, to $84.73 a barrel at 2:01pm EDT (1801 GMT). US West Texas Intermediate (WTI) crude fell $14.46, or 15.5pc, to $80.31.

Prices were even lower at midday, after US Energy Secretary Chris Wright wrote on X that the American military had facilitated a shipment of oil out of the Strait of Hormuz.

“President Trump is maintaining stability of global energy during the military operations against Iran,” Wright posted at 1:02pm local time before the post appeared to be removed.

“The US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets,” Wright said.

Trump’s Republicans will soon be campaigning to retain control of US Congress in November midterm elections, with many voters worried about........

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