Oil fell by nearly 2% on Tuesday after U.S. President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle
Oil fell by nearly 2% on Tuesday after U.S. President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East.
Trump posted on social media on Monday that he was holding off on a planned military attack on Iran scheduled for Tuesday, while efforts continue to reach a deal, adding that the United States was ready to resume attacking if one is not reached.
Brent futures LCOc1 for July were down $2.02, or 1.8%, to $110.08 a barrel at 0802 GMT, while U.S. West Texas Intermediate crude CLc1 for June delivery, which expires on Tuesday, was down 47 cents, or 0.40%, to $108.19. The more active July contract CLc2 fell $1.15, or 1.1%, to $103.23.
"While Trump's signal has eased some immediate pressure, the fundamental risks persist .... The market is now watching whether Trump's comments represent a genuine shift toward de-escalation or just a tactical pause," said Tim Waterer, chief market analyst at KCM Trade.
In the previous session, Brent and WTI hit their highest levels since May 5 and April 30, respectively.
The Middle East conflict has effectively closed the Strait of Hormuz, a critical
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