Oil prices drop following Trump's Iran comments, US stocks rise

London: Oil prices dropped on Wednesday as comments by President Donald Trump trimmed concerns about an imminent US intervention in the Israel Iran co...

London: Oil prices dropped on Wednesday as comments by President Donald Trump trimmed concerns about an imminent US intervention in the Israel-Iran conflict.

Meanwhile, Wall Street's main indices advanced in late morning trading as investors also awaited the Federal Reserve rate decision, although they were mixed elsewhere. oil prices initially rose after Iran's supreme leader Ali Khamenei rejected US President Donald Trump's demand for an "unconditional surrender", adding to sharp gains made the previous day.

Six days into the conflict, Khamenei warned the United States would face "irreparable damage" if it intervenes in support of Israel.

But oil prices then fell after Trump spoke later and indicated he was still considering whether the United States would join Israeli strikes and indicated that Iran had reached out to seek negotiations.

"For now at least, the US is not getting involved, if one can believe Trump," said City Index and FOREX.com analyst Fawad Razaqzada.