Oil steadies after Trump signals restraint on Iran, Hormuz risks persist
Brent crude steadied near $97.48 a barrel and West Texas Intermediate held around $90.51 a barrel on Monday after President Donald Trump said he was highly unlikely to order new strikes on Iran while talks to end the conflict progress. Prices had earlier tumbled more than $7 a barrel to their lowest since late August. Both the United States and Iran continue to report attacks on ships in or near the Strait of Hormuz, keeping supply concerns alive despite the diplomatic signal.
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- ✓ Brent crude fell 84 cents, or 0.85%, to $97.48 a barrel on Monday's open.
- ✓ West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel on Monday's open.
- ✓ President Trump said he was highly unlikely to order new attacks on Iran while talks make progress.
- ✓ Both the U.S. and Iran have reported attacks on ships in or near the Strait of Hormuz.
What changed
Trump stated new Iran attacks are 'unlikely' as talks advance, halting a steep price decline that had pushed Brent below $100 for the first time since August.
Live updates
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Oil steadies after Trump says new Iran attacks unlikely, Hormuz risks persist
Brent crude steadied near $97.48 a barrel and West Texas Intermediate held around $90.51 a barrel on Monday after President Donald Trump said he was highly unlikely to order new strikes on Iran while talks to end the conflict progress. Prices had earlier tumbled more than $7 a barrel to their lowest since late August. Both the United States and Iran continue to report attacks on ships in or near the Strait of Hormuz, keeping supply concerns alive despite the diplomatic signal.
Why it matters
Trump's restraint comment reversed a sharp sell-off triggered by fears of escalating U.S.-Iran military confrontation. The Strait of Hormuz remains a critical chokepoint for global oil flows, and ongoing reports of vessel attacks there sustain a risk premium. Markets are now weighing diplomatic progress against persistent physical threats to tanker traffic.
What is confirmed
- Brent crude fell 84 cents, or 0.85%, to $97.48 a barrel on Monday's open.
- West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel on Monday's open.
- President Trump said he was highly unlikely to order new attacks on Iran while talks make progress.
- Both the U.S. and Iran have reported attacks on ships in or near the Strait of Hormuz.
Still unconfirmed
- Brent crude futures continued tumbling after settlement to lose more than $7 a barrel, hitting their lowest since late August.
What to watch next
- Progress or breakdown in U.S.-Iran diplomatic talks
- Further reported attacks on commercial vessels in the Strait of Hormuz
- OPEC+ production policy response to price volatility
confidence 88%Sources used for this update (14)
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