Oil falls to two-month low as Trump tempers Iran strike rhetoric

Summarised from 3 outlets · Updated 9 Nov, 16:49 · Archive

Oil prices fell to their lowest level in more than two months after Donald Trump said fresh strikes on Iran were 'highly unlikely'.

Oil prices fell to their lowest level in more than two months on Monday after Donald Trump said he was 'highly unlikely' to order new strikes on Iran provided peace talks progressed. Brent crude dropped to around $92.80, down more than 4 per cent, taking the commodity to its lowest price since early September.

The decline reflects investor optimism over diplomatic efforts between the US and Iran. Trump met Qatar's prime minister, a key mediator in Middle East peace efforts. Speculation that Tehran had made concessions over the Strait of Hormuz also helped drag prices lower. Saxo Bank analyst Ole Hansen said: 'Oil continues to trade lower on hopes of a US-Iran peace deal rather than concrete signs of progress.'

Brent crude has fallen more than 20 per cent since the end of October, when it was trading at $118 a barrel, though it remains well above pre-conflict levels. Oil prices have spiked since the start of the war in late February because of concerns about supply constraints in the Middle East. Despite the recent drop, motorists continue to feel the impact, with diesel close to £2 per litre and unleaded around 170p.

How it is being reported

• Oil prices fall to two-month low as Trump says new Iran strikes ‘unlikely’The price of Brent crude has tumbled from highs of more than 115 dollars a barrel late last month.Evening Standard · 9 Nov, 16:27
• Oil prices fall to two-month low as Trump says new Iran strikes ‘unlikely’The price of Brent crude has tumbled from highs of more than 115 dollars a barrel late last month.Independent Business · 9 Nov, 16:27
• Oil sinks to two-month low after Trump says he is 'highly unlikely' to order new barrage of strikes on IranThe price of oil fell to its lowest level in more than two months after Donald Trump played down the likelihood of fresh strikes on Iran.This is Money · 9 Nov, 14:59

In this story: Donald Trump · Iran · United States · Qatar · Strait of Hormuz · Britain

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