International oil prices have crashed today after President Trump hinted at “conditional de-escalation” from its untidy war effort against Iran.
At the time of writing, Brent crude was down by 7.62 percent or $7.54 at $91.42 per barrel while Western Texas Intermediate (WTI) was down by 6.9 percent or $6.54 at $88.23 per barrel.
Both contracts fell as much as nearly 12 percent earlier before paring some losses.
Oil prices climbed above $110 per barrel on Monday, reaching their highest levels since mid-2022, driven by supply cuts from Saudi Arabia and other producers amid the escalating US-Israeli war against Iran.
Prices later eased after Russian President Vladimir Putin reportedly spoke with Donald Trump, presenting proposals for a swift resolution to the Iran conflict.
An energy sector expert said Monday’s spike represented an overreaction, while the subsequent dip may also underestimate the risks still facing Brent crude. The US is in trouble, he added.
Guess who supported trump all the time ?
Yup we did.