Crude Oil Prices Decline as Trump Pauses Iran Attack
Oil prices fell Friday after U. S. President Donald Trump said Washington would not attack Iran before next month’s congressional elections, easing concerns about further disruptions to Middle Eastern oil supplies.
International benchmark Brent crude futures for December delivery decreased 0.8% to $103.45 per barrel, down from $104.28 at the previous close. US benchmark West Texas Intermediate (WTI) crude futures for November delivery dropped 0.7% to $90.85 per barrel from $91.49.
Trump said Thursday that the US will not attack Iran before the midterm elections because the two sides are engaged in “productive discussions.”
“We will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd,” Trump wrote on his social media platform Truth Social.
Trump said the US and Iran are having “productive discussions,” while maintaining that a blockade of Iran “will remain in full force and effect.”
Trump also said oil was flowing through the Strait of Hormuz at “record numbers,” claiming that 22 million barrels had passed through the waterway later Wednesday and that “not one barrel” came from or was going to Iran.
“Iran will not have a nuclear weapon!” he added. His comments come amid media reports that the White House asked the Pentagon to develop options for strikes on Iranian targets that could be carried out before the midterm elections.
Washington also announced new sanctions Thursday. The US Treasury Department targeted 17 vessels it said had carried Iranian crude, petroleum products and petrochemicals, as well as companies involved in the shipping network.
Concerns that the sanctions could disrupt Iran’s oil exports are putting upward pressure on prices. #Crude Oil Prices Decline as Trump Pauses Iran Attack Oil Prices Edge Higher on Supply Shock, Brent Rises 4%
