Oil tumbles as Trump signals pause on Iran strikes
Oil prices fell sharply while European stock markets rebounded after US President Donald Trump said he had ordered a halt to strikes on Iran’s energy infrastructure, citing “very good” talks with Tehran.
His remarks triggered a swift turnaround in global markets, News.Az reports, citing foreign media.
Crude prices, which had earlier gained about one percent during the day, plunged by as much as 14 percent following the announcement.
By around 11:45 GMT, international benchmark Brent North Sea crude was down 6.7 percent, trading at $104.70 per barrel.
Meanwhile, the main US oil contract, West Texas Intermediate, dropped 6.9 percent to $91.41 per barrel after previously climbing above the $100 mark.
European stock markets moved into positive territory after earlier losses of around 2.5 percent, which had been driven by escalating rhetoric between Trump and Iranian officials over the strategic Strait of Hormuz.
News.Az
By Nijat Babayev
