Oil prices hit 10-week low after Donald Trump says strikes on Iran ‘highly unlikely’

{"text":[[{"start":9.14,"text":"Oil prices slumped to a 10-week low on Monday after US President Donald Trump said on Sunday it was “highly unlikely” that the US would renew its attacks on Iran."}],[{"start":19.1,"text":"Brent crude, the international benchmark, fell as much as 7.9 per cent to $90.56 a barrel, its lowest level since August 31, as traders weighed the potential for a negotiated end to the conflict. It later settled 5.9 per cent lower at $92.57 a barrel."}],[{"start":37.88,"text":"West Texas Intermediate, the US benchmark, settled 4.4 per cent lower at $86.85 a barrel."}],[{"start":45.4,"text":"Trump told CNN on Sunday that a decision on whether to renew strikes on Iran would depend on “whether or not they sign a very strong agreement . . . The answer is highly unlikely it’s going to be necessary.”"}],[{"start":56.48,"text":"“Trump clearly prefers a diplomatic solution,” said Arne Rasmussen, chief analyst at Global Risk Management. While there remained a substantial gap between the two sides, oil prices had reacted to a shift in expectations, he added."}],[{"start":69.76,"text":"Monday’s price falls extend an oil market sell-off triggered by the Republicans’ historic defeat in last week’s US midterm elections. Last week, Brent recorded its biggest weekly drop since April 2020."}],[{"start":null,"text":"

"}],[{"start":81.56,"text":"“The US midterm results made it clear that voters want the Iran war to end, and the oil market seems to think [Trump] will heed the people’s will,” Energy Aspects analysts Amrita Sen and Daniel Sternoff wrote in a note."}],[{"start":93.72,"text":"However, they added that Iran was unlikely to offer new concessions to Trump when its leaders knew that Congress might start trying to cut war funding in a few months’ time."}],[{"start":102.88,"text":"Dated Brent, Europe’s physical oil price for immediate delivery, has fallen more sharply than futures prices as a result of reduced shipping costs. It traded at $92.25 a barrel on Monday, making it cheaper than oil for delivery in January."}],[{"start":117.6,"text":"Dated Brent peaked at $136.39 a barrel on October 5 when front-month Brent was at $103.40, and its decline has made feedstock for European refineries cheaper."}],[{"start":129.44,"text":"Meanwhile, attacks on Middle Eastern shipping have continued, underscoring the risks to oil supplies despite what traders see as a more positive diplomatic outlook."}],[{"start":139.6,"text":"The UK Maritime Trade Operations agency said a tanker in the Strait of Hormuz — the vital waterway connecting the Gulf to global markets — was hit by an unknown projectile on Saturday. Another tanker was struck while exiting the Gulf last Thursday, it said."}],[{"start":162.22,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794270630_7897.mp3"}