Oil prices declined on Tuesday after U.S.
President Donald Trump said he had postponed a planned military strike on Iran to allow more time for negotiations aimed at ending the conflict in the Middle East
Trump said in a social media post on Monday that a military attack on Iran scheduled for Tuesday had been put on hold while diplomatic efforts continued. He added that the United States remained prepared to resume military action if negotiations fail to produce an agreement. Brent crude futures for July delivery dropped $2.02, or 1.8%, to $110.08 per barrel by 0802 GMT.
U.S. West Texas Intermediate crude for June delivery, which expires on Tuesday, fell 47 cents, or 0.4%, to $108.19 a barrel. The more actively traded July WTI contract declined $1.15, or 1.1%, to $103.23. “While Trump’s signal has eased some immediate pressure, the fundamental risks persist ….