Oil prices tumble by 15% after Trump predicts Middle East de-escalation
BNN Bloomberg
Oil prices plunged by about 15 per cent on Tuesday, a day after soaring to their highest levels since 2022, pressured after U.S. President Donald Trump predicted the war with Iran could end soon, which should minimize oil supply disruptions.
Brent futures fell US$14.23, or 14.5 per cent, to $84.73 a barrel at 2:01 p.m. EDT (1801 GMT). U.S. West Texas Intermediate (WTI) CLc1 crude fell US$14.46, or 15.5 per cent, to $80.31.
Prices were even lower at midday, after U.S. Energy Secretary Chris Wright wrote on X that the American military had facilitated a shipment of oil out of the Strait of Hormuz.
“President Trump is maintaining stability of global energy during the military operations against Iran,” Wright posted at 1:02 p.m. local time before the post appeared to be removed.
“The U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets,” Wright said.
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