Crude Oil Prices Decline as Trump Plans to End Iran War
Oil prices edged lower on Thursday after three consecutive sessions of gains as US President Donald Trump’s comments eased concerns over the Middle East conflict’s duration.
International benchmark Brent crude futures for November delivery were trading at $94.98 a barrel, down 0.7% from the previous close of $95.63. US benchmark West Texas Intermediate (WTI) crude futures for October delivery fell 0.7% to $90.38 a barrel from $91.01.
Trump told reporters in the Oval Office on Wednesday that the renewed US campaign against Iran would not continue for “too long,” following the exchange of fire between Washington and Tehran.
The Wall Street Journal reported that Trump is privately considering declaring the war with Iran over.
The newspaper said Trump had discussed with senior aides “whether to declare the Iran war over,” a move he reportedly Favors. He believes maintaining intense economic pressure will eventually force Tehran to “either dismantle its nuclear program or collapse,” according to the report.
The comments offered some relief to oil markets concerned that the renewed fighting could persist and further disrupt energy supplies. Meanwhile, developments in the Strait of Hormuz remain central to the oil market outlook.
Trump said the US had “controlled, and we are controlling the Hormuz Strait” and was bringing oil tankers through the strategic waterway without major difficulties.
The US military escorted 40 commercial vessels carrying 18 million barrels of oil through the Strait of Hormuz on Tuesday, CNN reported, citing two US officials familiar with the operation.
Before the war began more than six months ago, around 20 million barrels of oil transited the Strait of Hormuz each day, making the waterway one of the world’s most important routes for crude shipments.
US Energy Secretary Chris Wright said more than 17 million barrels of oil passed through the strait on Monday, the highest volume since the conflict began.
However, the higher reported flow has not eliminated the risk of further disruption.
Iran said Thursday that it had laid additional naval mines in the Strait of Hormuz, while dismissing US claims that Washington had control over the strategic waterway.
Ebrahim Zolfaghari, spokesman for Iran’s Khatam al-Anbiya Central Headquarters, said on US social media company X that additional naval mines had been laid during overnight operations along what he described as “illicit routes” south of the strait.
The announcement came a day after Iran’s Islamic Revolutionary Guard Corps said two oil tankers had struck naval mines and been disabled while attempting to use what it described as an “illegal” route through the strait.
The latest claims underline the continuing risks to tanker traffic even as the US seeks to keep oil shipments moving through the waterway. Oil Prices Dip as Qatar, Oman Champion Middle East Peace Effort
