Oil drops over 4% after Trump calls off planned strike on Iran
President Donald Trump said he had called off a planned strike on Iran. West Texas Intermediate futures for September delivery declined 4.5% to $80.89 per...
Key points
- President Donald Trump said he had called off a planned strike on Iran.
- West Texas Intermediate futures for September delivery declined 4.5% to $80.89 per barrel.
- Brent crude futures for October delivery lost 4.4% to $84.10 a barrel.
- Trump said early Sunday that he had called off a planned strike on Iran after receiving a request from Tehran and other countries in the Middle East.
What happened
More photos
President Donald Trump said he had called off a planned strike on Iran. West Texas Intermediate futures for September delivery declined 4.5% to $80.89 per barrel. Brent crude futures for October delivery lost 4.4% to $84.10 a barrel. Trump said early Sunday that he had called off a planned strike on Iran after receiving a request from Tehran and other countries in the Middle East. "We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to," Trump said in a Truth Social post. He said the proposed agreement would include the "Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat." Trump has reportedly been weighing another round of strikes on Iran amid fading prospects for a diplomatic resolution to the conflict, which began on Feb.
Related on this blog
- Investors scored on Iran war's oil market boom. Staying long the trade will get trickier
- Trump says he has canceled a planned attack on Iran after reaching an agreement over the 'perimeters of a deal'
- Embassies warn Americans of travel risk amid signs of possible U.S.-Iran military action in the coming days