Energy & Environment
Oil Slides Below $90 as Trump Signals the Iran War Is ‘Effectively Over’
Crude hit its lowest level since late August and stocks climbed after the President played down the chance of new strikes.
By PRIYA DESAIStaff Correspondent · WASHINGTON · Nov 10, 11:25 PM · 1 min. read
Illustration · Liberty Bell Report
Oil prices fell to their lowest level since late August after President Trump said the war with Iran is "effectively over," The Guardian reported, with Brent crude dropping below $90 a barrel and stock markets climbing.
The President spoke after meeting Qatar's prime minister, a key mediator, and said further strikes were "quite unlikely" while warning the U.S. remains "locked and loaded," Euronews reported. Semafor reported Trump downplayed the prospect of a return to full conflict. The Financial Times reported falling crude has helped global stocks recover from last week's sell-off.
Tehran is not playing along publicly. Iran's security chief told Washington to stop "manufacturing fake news about imaginary talks," according to Euronews.
For American families, the direction matters more than the diplomacy. Gas prices have already slipped below $4 a gallon nationally for the first time since July, according to AAA. If crude keeps falling, relief at the pump and on heating bills could finally arrive in time for winter.
Sources
- The Guardian: Oil prices fall to lowest since August as Trump says Iran war is ‘effectively over’ (link)
- Semafor: Oil prices fall on renewed hopes for an end to Iran war (link)
- Euronews: Trump says Iran war ‘effectively over’ as Tehran denies planned talks (link)
- Financial Times: Oil falls below $90 as Trump pulls back from threat to strike Iran (link)
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