Oil Prices Fall 4% After New Trump Comments on Iran
Meanwhile, Trump said on Wednesday that he believes it would be better for Venezuela to remain within the OPEC.
Quick overview
- President Trump stated that violence in Iran has ceased, but did not dismiss the possibility of military intervention.
- Oil prices fell approximately 4% following Trump's remarks about the situation in Iran.
- Crude prices had previously risen due to tensions in Iran amid a popular uprising and U.S. threats.
- Trump also commented on Venezuela's membership in OPEC, suggesting it might be better for them to remain in the organization.
U.S. President Donald Trump said the violence in the Middle Eastern country had ended, though he did not rule out a possible military intervention.
Oil prices fell about 4% on Thursday following remarks by U.S. President Donald Trump regarding the situation in Iran. Trump said that the “killing has stopped” in the country, while leaving open the possibility of a U.S. military intervention.
Crude prices had risen in recent sessions amid tensions in Iran, which has been shaken by a popular uprising that was violently suppressed, compounded by threats from Washington toward Tehran.
Speaking at an event at the White House, Trump said he had been told “from very good sources” that “the killing in Iran is stopping, it has stopped,” adding: “And there are no plans for executions” of detainees.
Oil slides
During Thursday’s session, U.S. WTI crude fell 4.36% to $59.18 per barrel, while North Sea Brent dropped 4.1% to $63.72. The move was a direct reaction to the U.S. president’s comments.
When asked by an AFP reporter whether a military intervention had been ruled out, Trump replied: “We’ll watch it and see what happens next.”
Venezuela and OPEC
Meanwhile, Trump said on Wednesday that he believes it would be better for Venezuela to remain within the Organization of the Petroleum Exporting Countries (OPEC), although he was uncertain whether that would also be beneficial for the United States.
“Well, I think it’s better for them if they do,” Trump told Reuters, adding: “I don’t know if it’s better for us… but they are members of OPEC and we haven’t discussed that with them at all.”
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