Oil prices have fallen sharply after US President Donald Trump signalled he may hold off on military action against Iran, easing fears of a sudden disruption to global crude supplies. The pullback comes after a week in which benchmark prices surged on worries that Washington could strike Iran over its deadly crackdown on protesters.
US West Texas Intermediate crude dropped by more than 1 to 2, losing over 1 per barrel in early Asian trading after Trump said killings in Iran were “stopping” and there was “no plan for executions.” Brent crude, the global benchmark, fell by around 3, slipping back below 65 per barrel after gaining about 11 over the previous five sessions.
Trump told reporters the US would “watch it and see,” comments that traders interpreted as a sign that an immediate strike on Iran was unlikely. Analysts say markets quickly unwound a hefty geopolitical risk premium that had been built into prices as tensions rose.
The drop in oil was mirrored by declines in safe haven assets such as gold and silver, which had also rallied on fears of a wider Middle East conflict. Some analysts cautioned, however, that prices could spike again if violence in Iran worsens or if shipping in the Gulf becomes threatened.
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