Oil prices declined on Monday after President Donald Trump indicated that ongoing negotiations between the United States and Iran might lead to ending the conflict.
Brent crude, the global oil benchmark, dropped more than 7% to around $104 a barrel, after plunging over 13% at one point. WTI, the US benchmark, fell 6.9% to $91.4 a barrel, after staying near $100.
The price decrease comes after a Truth Social post from President Trump, which stated:
“I AM PLEASED TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST. BASED ON THE TENOR AND TONE OF THESE IN DEPTH, DETAILED, AND CONSTRUCTIVE CONVERSATIONS, WHICH WILL CONTINUE THROUGHOUT THE WEEK, I HAVE INSTRUCTED THE DEPARTMENT OF WAR TO POSTPONE ANY AND ALL MILITARY STRIKES AGAINST IRANIAN POWER PLANTS AND ENERGY INFRASTRUCTURE FOR A FIVE DAY PERIOD, SUBJECT TO THE SUCCESS OF THE ONGOING MEETINGS AND DISCUSSIONS. THANK YOU FOR YOUR ATTENTION TO THIS MATTER! PRESIDENT DONALD J. TRUMP”
The President posted a follow-up message, saying:
“We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East with respect to the Terrorist Regime of Iran: (1) Completely degrading Iranian Missile Capability, Launchers, and everything else pertaining to them. (2) Destroying Iran’s Defense Industrial Base. (3) Eliminating their Navy and Air Force, including Anti Aircraft Weaponry. (4) Never allowing Iran to get even close to Nuclear Capability, and always being in a position where the U.S.A. can quickly and powerfully react to such a situation, should it take place. (5) Protecting, at the highest level, our Middle Eastern Allies, including Israel, Saudi Arabia, Qatar, the United Arab Emirates, Bahrain, Kuwait, and others. The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it — The United States does not! If asked, we will help these Countries in their Hormuz efforts, but it shouldn’t be necessary once Iran’s threat is eradicated. Importantly, it will be an easy Military Operation for them.”
Iran denied engaging in any dialogue with Washington, according to reports from state-affiliated media citing the Iranian foreign ministry.
By CEO NA Editorial Staff
