Oil falls on open as Trump says fresh Iran attacks 'unlikely'
Brent crude fell 84 cents to $97.48 a barrel and WTI slipped 32 cents to $90.51 at Monday's open after President Trump said he was highly unlikely to order fresh strikes on Iran while talks to end the conflict progress. The decline extended a weekly rout that became the largest since 2020, driven by hedge funds unwinding bullish positions ahead of the U.S. midterm elections. Markets are balancing Trump's de-escalation signals against continued reports of attacks on shipping in the Strait of Hormuz.
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- ✓ Brent crude fell 84 cents, or 0.85%, to $97.48 a barrel at Monday's open.
- ✓ West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel at Monday's open.
- ✓ President Trump said he was highly unlikely to order new Iran attacks while talks to end the conflict make progress.
- ✓ Oil posted its biggest weekly drop since 2020 as hedge funds fled bullish bets ahead of the U.S. midterm elections.
What changed
Trump stated new Iran attacks are 'highly unlikely' as talks advance, triggering Monday's opening price drop.
Live updates
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Oil drops at open after Trump says new Iran attacks unlikely
Brent crude fell 84 cents to $97.48 a barrel and WTI slipped 32 cents to $90.51 at Monday's open after President Trump said he was highly unlikely to order fresh strikes on Iran while talks to end the conflict progress. The decline extended a weekly rout that became the largest since 2020, driven by hedge funds unwinding bullish positions ahead of the U.S. midterm elections. Markets are balancing Trump's de-escalation signals against continued reports of attacks on shipping in the Strait of Hormuz.
Why it matters
Oil has swung violently on headlines about the U.S.-Iran conflict, with prices sliding below $100 a barrel for the first time since August. The midterm elections added political uncertainty, prompting speculators to cut long exposure. Trump's comment introduces a potential diplomatic off-ramp, but physical supply risks persist in the Hormuz chokepoint.
What is confirmed
- Brent crude fell 84 cents, or 0.85%, to $97.48 a barrel at Monday's open.
- West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel at Monday's open.
- President Trump said he was highly unlikely to order new Iran attacks while talks to end the conflict make progress.
- Oil posted its biggest weekly drop since 2020 as hedge funds fled bullish bets ahead of the U.S. midterm elections.
Still unconfirmed
- Both nations reported attacks on ships in or near the Strait of Hormuz.
What to watch next
- Progress or breakdown in U.S.-Iran talks
- Further shipping incidents in the Strait of Hormuz
- OPEC+ production policy response to price slide
confidence 92%Sources used for this update (13)
- www.asiaone.com — AsiaOne, Asia's Leading News Portal, Get Latest News at AsiaOne
- CNBC — Oil prices rise as investors weigh renewed U.S.-Iran conflict risks after midterm elections
- WSJ — Oil Slides Below $100 a Barrel, With Focus on Iran Outlook After U.S. Midterms
- Bloomberg.com — Hedge Funds Fled Bullish Oil Bets Ahead of Election Day Drop
- 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'
- www.cnbc.com — Oil rises from two-month low as Hormuz shipping attacks offset Iran truce hopes
- jen.jiji.com — Almaty records nearly 80% of monthly rainfall in 2 days
- economictimes.indiatimes.com — Oil falls on open as Trump says fresh Iran attacks 'unlikely'
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