Oil prices fell on Thursday after the United States President, Donald Trump, backed down from threats of further attacks on Iran and claimed that a peace agreement was close.
According to The New York Times, oil prices had been volatile on Thursday morning after the United States and Iran exchanged fire for a second straight day, and Trump threatened that further attacks would come that evening, heightening fears that the two countries could slide back into broader conflict.
Trump’s abrupt shift in tone prompted a sharp reaction in oil prices. The price of Brent crude, the global benchmark for oil, fell more than 3 per cent to below $90 per barrel. It was $89.99 as of 7:30 p.m. Nigerian time on Thursday.
West Texas Intermediate crude, the US benchmark, also fell more than 3 per cent, trading at around $87 per barrel.
The New York Times said investors and analysts
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