Oil tumbles below $90 as Trump signals Middle East war may end soon
image for illustrative purpose
New Delhi: Global oil prices fell sharply on Tuesday, slipping below $90 per barrel after US President Donald Trump signalled that the war in the Middle East could end soon.
Brent crude futures dropped as much as 10.85 per cent to an intraday low of $88.22 per barrel from the previous close of $98.96. By around 11 am, Brent was trading at $92.50, down 6.44 per cent.
US crude futures were also lower at $87.94 per barrel, declining more than 7 per cent. During the session, prices touched $84.43, nearly 30 per cent below the recent peak of $119.48.
Prices eased after Trump suggested the US campaign against Iran would conclude “very soon” once Tehran no longer has the capability to develop weapons threatening the US, Israel or their allies.
