Brent Crude Falls 3% to $89.66 as Trump Says Iran War Is Effectively Over
Updated
Updated · The Guardian · Nov 10
Brent Crude Falls 3% to $89.66 as Trump Says Iran War Is Effectively Over
3 articles · Updated · The Guardian · Nov 10
Summary
Brent crude slid nearly 3% to $89.66 on Tuesday, its lowest since Aug. 31, after Donald Trump said war with Iran was “effectively over” and military action was not needed “at this point.”
That drop followed a near 6% fall on Monday as traders unwound the conflict risk premium, betting easing Middle East tensions could keep energy prices moving lower.
Europe’s Stoxx 600 rose 0.9% to 662.54 and London’s FTSE 100 added 0.4%, while airlines gained on lower fuel-cost hopes and oil majors BP and Shell fell 1.7% and 1.5%.
Lower crude could ease inflation pressure, but markets were still awaiting October US inflation data for signs the Federal Reserve might eventually soften its policy stance.
UK drivers have already seen some relief: average petrol prices fell 5p a litre since early October to 169.7p, and the AA said wholesale trends point to another 10p cut.