Oil prices fell substantially after US President Donald Trump stated on Monday that the war with Iran could be short-lived and that Washington was considering lifting oil-related sanctions on some countries to relieve pressure on crude markets.
So in some places, we’re going to lift the sanctions until this is resolved,” Trump told reporters, without specifying which countries were under consideration. The United States now maintains oil trade restrictions against a small number of countries, including Iran, Venezuela, Russia, Syria, and North Korea.
Trump also stated that he spoke with Russian President Vladimir Putin on Monday to discuss the conflict and other topics.
Oil prices have fallen from recent highs, with WTI crude and Brent futures down more than 9%. During the European morning, Brent was trading slightly around $90 per barrel, while WTI was at $85.40. Prices briefly rose to its highest level since 2022, approaching $120 per barrel, a day after Iran’s Assembly of Experts selected Mojtaba Khamenei as supreme leader in succession to his late father. Investors interpreted the appointment as a sign that Tehran was digging in, ten days into the war begun by the US and Israel.
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