Oil futures extended their decline after President Donald Trump again suggested that the war with Iran could end soon, a conflict that had earlier destabilised markets—even as the Strait of Hormuz remains largely closed and the United States continues to build up its military presence in the region.
The price of Brent crude fell below $100 a barrel for the first time in a week, while WTI traded near $98. Against that backdrop, stock markets moved higher.
Brent Crude Oil ($/bbl.)
Trump told reporters that the United States could leave Iran within two to three weeks, adding that an agreement with Tehran was possible but not a necessary condition for ending the war.
White House press secretary Karoline Leavitt said that on Wednesday at 9 p.m. Eastern Time, the president would address the nation and provide an update on Iran.