Crude oil prices declined as markets weighed fresh attacks on commercial shipping against US President Donald Trump's signals of restraint towards Iran, easing concerns over an immediate escalation in the West Asia conflict.
\n\nThe softer tone from Washington helped offset geopolitical risk premiums in the oil market, even as renewed attacks on vessels highlighted persistent security threats to energy shipments and key maritime routes in the region.
\n\nBrent crude slid by $3.49, or 3.6%, to $94.83 a barrel by 1219 GMT while US West Texas Intermediate lost $2.66, or 2.9%, to $88.17.
\n\nNotably, the Brent benchmark plunged by 16% last week to touch a two-month low of $93.22, marking its steepest weekly drop since the start of the COVID.
\n\nOn Sunday, Trump had said that he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progressed, even as both countries reported that shipping had been hit in or near the Strait of Hormuz.
\n\nKaynat Chainwala, AVP Commodity Research, Kotak Neo said, "Oil prices remained under pressure, with Brent trading below $95/bbl and WTI near $88/bbl, as Trump indicated that additional military action against Iran would be unlikely provided ongoing negotiations continue to…
Original source: https://www.timesnownews.com/business-economy
