PiCK
Summary
- President Donald Trump downplayed the chances of additional military strikes against Iran, triggering a sharp drop in international oil prices.
- Brent crude futures fell 3.5% from the previous session to $94.93 a barrel, while West Texas Intermediate futures traded 3% lower at $88.13 a barrel.
- Risks to Middle East oil supply remain due to attacks targeting Saudi Arabia and tanker-related incidents in the Strait of Hormuz.
Forecast Trend Report by Period
International oil prices fell sharply after US President Donald Trump downplayed the possibility of additional military strikes against Iran.
Brent crude futures fell 3.5% from the previous session to $94.93 a barrel on November 9, The Wall Street Journal reported. West Texas Intermediate futures also traded 3% lower at $88.13 a barrel.
Oil extended its decline after Trump played down the chances of further attacks on Iran.
Still, risks to Middle East oil supply remain because of attacks targeting Saudi Arabia and tanker-related incidents in the Strait of Hormuz, the Journal reported.
Minseung Kang
