<\/p>\n
Oil tumbled after President Donald Trump again signaled a potential end to the Iran war, even as the Strait of Hormuz remains largely closed, and more US troops head to the region.<\/p>\n
Brent crude fell below $100 a barrel, while West Texas Intermediate was around $97. Trump told reporters that the US could leave Iran within two to three weeks, and indicated an agreement with Tehran may be reached, but wasn\u2019t necessary for the conflict to end.<\/p>\n
The president will give an address to the nation at 9 p.m. Eastern time on Wednesday to provide an update, White House Press Secretary Karoline Leavitt said. Trump has regularly vacillated between saying an Iran deal is imminent and warning he\u2019s prepared to ramp up military operations.<\/p>\n
Read: Gold posts worst month since 2008 despite hopes war is near end
Trump envisions withdrawal from Iran within two to three weeks<\/p>\n
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Even if the war ends within Trump\u2019s timeframe, it would take time for normal flows to resume through the crucial Strait of Hormuz, and some energy facilities have been damaged during the conflict. A third US aircraft carrier strike group is also heading to the Middle East, suggesting a possibility of further escalation.While Brent futures rose at a record pace last month, the price didn\u2019t reach the heights of 2022 as traders bet on a conclusion to hostilities.\u201cThat complacency is a risk factor for markets,\u201d Dominic Schnider, head of commodities at UBS Group AG\u2019s wealth management unit, said in a Bloomberg Television interview. \u201cWe have such a supply shock.\u201d<\/p>\n
The effective closure of Hormuz has choked off supplies of crude and gas to global markets, driving up energy prices and raising fears over an inflation crisis. The retail price of US gasoline has topped $4 a gallon for the first time since August 2022, which will likely heap more pressure on Trump.<\/p>\n
Iranian demands<\/p>\n
US officials haven\u2019t explicitly specified who they\u2019re talking to in Iran. The Islamic Republic\u2019s Foreign Minister Abbas Araghchi told Al Jazeera he had received messages from the US Middle East envoy, but no formal negotiations were taking place. Tehran has also laid out certain requirements to be met, including maintaining sovereignty over Hormuz.<\/p>\n
Read: Trump\u2019s exasperation over Iran grows, signalling hastened exit
Fuel levy cut announced as workers feel the pinch<\/p>\n
Trump on Tuesday gave a rough timeline for an end to the war, adding that he would leave it to other nations to resolve issues with the strait. \u201cWe\u2019ll leave because there\u2019s no reason for us to do this,\u201d he told reporters at the White House.<\/p>\n
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The Wall Street Journal reported that the United Arab Emirates has urged the US and military powers in Europe and Asia to form a coalition to open the waterway by force. China and Pakistan issued a joint call on Tuesday for an immediate ceasefire and for shipping to be safeguarded.<\/p>\n
\u201cThe exaggeration and panic is starting to come out of the back of the futures price curves in crude oil,\u201d said Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc. \u201cThe market is feeling at least a short-term de-escalation and possibly more talks.\u201d<\/p>\n
Prices:<\/p>\n
Brent for June settlement was down 3.9% at $99.89 a barrel as of 8:31 a.m. London time
\nWTI for May delivery shed 4% to $97.33 a barrel<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Brent #oil #falls #optimism #Iran #war<\/p>\n","protected":false},"excerpt":{"rendered":"
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