Oil prices dip as Trump touts 'productive' talks with Tehran |
Oil prices dip as Trump touts ‘productive’ talks with Tehran
Oil prices dipped Monday as President Trump touted what he described as “productive” talks with Iran.
Oil prices actually dropped a few minutes prior to Trump’s Truth Social Post.
International benchmark brent crude was trading at about $102 per barrel on Monday, down from about $113 per barrel earlier in the day. U.S. benchmark WTI was trading at about $90 per barrel, down from over $100 per barrel previously.
Oil prices were still well above where they were prior to the conflict bringing high gasoline prices with them and raising fears of reverberations on the broader economy.
Prices calmed down somewhat as Trump announced that the U.S. and Iran “have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
Since the start of the conflict, prices have jumped because of the effective closure of the Strait of Hormuz, a key oil shipping channel near Iran that a fifth of the world’s oil moves through. Prices have gone up as the conflict has stretched on amid fears that a prolonged closure could squeeze supply.
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