Oil market

‘Trump postpones attack on Iran; oil price falls by more than 5 per cent’

De prijs van een vat Brentolie is maandag met ruim vijf procent gedaald. Foto: Shutterstock

Crude oil prices fell sharply on Monday following comments by Donald Trump. The US President said on Sunday that he was postponing a planned attack on Iran for the time being, because Tehran and other countries in the Middle East had reportedly asked the United States to wait for an agreement. This was reported by the ANP.

Trump’s comments follow earlier reports in the US media that Washington and Israel were considering new joint attacks on Iran. According to CBS News, potential targets included Iranian oil refineries and power stations.

As a result of the comments, the price of Brent crude – the benchmark for oil from the Middle East and elsewhere – fell by more than 5 per cent on Monday morning to $83.23 per barrel. In July, the price of Brent crude had risen to over $100 per barrel due to the escalating violence. A barrel of US crude fell by more than 6 per cent, dropping below $80 per barrel.

The ANP reports that the fall in oil prices may also lead to a drop in fuel prices at the pump. At the end of last week, filling up in the Netherlands had already become slightly cheaper due to the US ceasefire in the war with Iran. According to UnitedConsumers, the average recommended price for a litre of petrol is currently 2.621 euros. The price of a litre of diesel stands at 2.654 euros.

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This article was automatically translated from the original Dutch text into British English.

Author: Nina Koelewijn

Source: Mobility Energy

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