Oil falls as Trump signals restraint on Iran amid fresh Hormuz shipping attacks
Oil prices fell Monday after President Donald Trump said he was highly unlikely to order new attacks on Iran while talks to end the conflict progress. Brent crude dropped 84 cents, or 0.85%, to $97.48 a barrel, and West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel. The decline came even as both nations reported attacks on ships in or near the Strait of Hormuz. Markets are weighing the reduced risk of escalation against ongoing threats to Middle East oil flows.
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- ✓ Brent crude fell 84 cents, or 0.85%, to $97.48 a barrel on Monday.
- ✓ West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel on Monday.
- ✓ President Donald Trump said he was highly unlikely to order new attacks on Iran while talks to end the conflict make progress.
- ✓ Both the U.S. and Iran reported attacks on ships in or near the Strait of Hormuz.
What changed
Trump stated new Iran attacks are 'highly unlikely' as talks advance, prompting the sharpest weekly oil drop since 2020 despite fresh shipping attacks in the Strait of Hormuz.
Live updates
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Oil drops as Trump says new Iran strikes unlikely despite Hormuz attacks
Oil prices fell Monday after President Donald Trump said he was highly unlikely to order new attacks on Iran while talks to end the conflict progress. Brent crude dropped 84 cents, or 0.85%, to $97.48 a barrel, and West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel. The decline came even as both nations reported attacks on ships in or near the Strait of Hormuz. Markets are weighing the reduced risk of escalation against ongoing threats to Middle East oil flows.
Why it matters
Trump's rhetoric signals a shift toward diplomatic resolution after weeks of military tension that had supported a risk premium in crude. The Strait of Hormuz remains a critical chokepoint for global supply, and any disruption there can quickly tighten markets. Meanwhile, the G7 warned Wednesday it would maintain economic and political pressure on Iran if diplomacy fails to address its nuclear program and regional activities.
What is confirmed
- Brent crude fell 84 cents, or 0.85%, to $97.48 a barrel on Monday.
- West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel on Monday.
- President Donald Trump said he was highly unlikely to order new attacks on Iran while talks to end the conflict make progress.
- Both the U.S. and Iran reported attacks on ships in or near the Strait of Hormuz.
- The G7 foreign ministers warned Wednesday they would continue coordinating economic and political pressure on Iran if diplomatic efforts fail.
Still unconfirmed
- Oil is extending its biggest weekly drop since 2020 as investors weigh Iran conflict risk.
- Houthi attacks are a factor in the crude oil weekly outlook alongside technical double-top patterns.
What to watch next
- Progress or breakdown in U.S.-Iran talks on nuclear program and regional security
- Any further attacks on shipping in the Strait of Hormuz
- G7 implementation of additional pressure measures if diplomacy stalls
confidence 92%Sources used for this update (13)
- consent.yahoo.com — Latest news and current events updates | Yahoo News Singapore
- www.globalbankingandfinance.com — Latest Banking & Finance News & Analysis
- www.foxnews.com — Fox News - Breaking News Updates | Latest News Headlines | Photos...
- CNBC — Oil prices tumble for the week as investors weigh Iran conflict risk after midterm elections
- Reuters — Oil falls on open as Trump says fresh Iran attacks 'unlikely'
- FOREX.com — Crude Oil Weekly Outlook: Houthi Attacks vs. a Double Top?
- Bloomberg — Oil Extends Biggest Weekly Drop Since 2020 With Focus on Iran
- www.cnbc.com — Oil falls as Trump says new Iran attacks 'unlikely'
- Crude Oil Prices Today | OilPrice.com — Oil Prices Fall as Trump Signals No New Attacks on Iran
- WSJ — Oil Prices Fall, Staying below $100, as Trump Plays Down New Iran Strikes
- www.iranintl.com — G7 warns Iran of continued pressure if diplomacy fails
- www.timeslive.co.za — Oil falls as Trump signals restraint on Iran amid fresh ...
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