Oil prices experienced significant volatility this week following statements from President Trump regarding potential military action against Iran. Brent crude futures initially tumbled as much as 14 percent, falling below US$100 for the first time in nearly two weeks, after the President announced he had instructed US forces to postpone strikes against Iranian energy infrastructure.
European shares dipped Monday amid earlier concerns over a prolonged conflict, though stock markets rebounded as Trump indicated a willingness to discuss ending the war with Iran. Oil prices had climbed prior to the President’s comments, dashing hopes for a swift resolution.
Following the initial slump, oil prices steadied after President Trump backed down from planned strikes. Brent oil futures ultimately tumbled, closing lower after a period of uncertainty surrounding potential military engagement in the region.