Oil prices drop after Trump rules out Iran strike before midterms
US President Donald Trump stated on Thursday that Washington will not attack Iran before the November midterm elections following productive discussions.
Market reaction to US comments
Oil prices eased slightly after reports that the United States would not launch fresh strikes on Iran. Brent crude futures fell 72 cents to reach $103.53 a barrel by early Friday morning. WTI crude futures also declined as supply concerns diminished following the President's announcement.
Context of regional tensions
Prices had risen earlier in the day after media reports suggested a potential attack before the vote. Republicans are currently fighting to maintain control of both houses of Congress during these midterm elections. The United States is still applying economic pressure on Iran while negotiations continue.
Other factors affecting supply
A hurricane approaching the Gulf of Mexico coast may cause a slight weekly decline in WTI prices. Fresh sanctions were imposed Thursday targeting individuals and vessels transporting Iranian crude and oil products. Iran Guards reported seizing a US underwater drone in the Hormuz strait earlier this week.
2 outlets, different leads
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Middle East Eye
Oil prices ease after Trump rules out Iran attack before midterms
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Business Recorder
Oil falls as Trump comments on Iran talks ease supply concerns
Reported by
2 independent outlets. Headlines as published. Links open the original report.