The Digest:
Global crude oil prices fell on Tuesday for the first time since the Iran-US-Israel conflict began on February 28, with Brent crude dropping to $91.11 per barrel and West Texas Intermediate (WTI) slipping to $86.93. The decline comes after prices had surged close to $100 per barrel amid nearly ten days of rising tension. The drop followed remarks by President Donald Trump suggesting the conflict could soon end. In an interview with CBN News on Monday, Trump stated: "I think the war is very complete, pretty much," adding that the US was "very far ahead of schedule." His comments triggered a swift market reaction, with WTI slipping below $90 on Monday. Prices had previously surged from around $67 per barrel as the conflict disrupted shipping through the strategic Strait of Hormuz and led to refinery shutdowns in Saudi Arabia and Qatar.
Key Points
- First price drop since the war began on February 28.
- Brent is now $91.11, WTI $86.93 after nearing $100.
- Trump signals conflict may end soon, triggering market reaction.
- Prices had surged from $67 amid Strait of Hormuz disruption.
- Refinery shutdowns in Saudi Arabia and Qatar had spiked prices.
Sources: Market Data
