Oil prices declined after US President Donald Trump said he had called off a planned military strike on Iran scheduled for Tuesday, following an appeal from allies in the Persian Gulf.
Brent crude fell toward $110 per barrel after rising 2.6% on Monday, while West Texas Intermediate (WTI) for July traded below $104 per barrel, News.Az reports, citing Bloomberg.
In a social media post, Trump said leaders of Saudi Arabia, Qatar, and the United Arab Emirates had asked him to “hold off on our planned Military attack of the Islamic Republic of Iran, which was scheduled for tomorrow,” noting that serious negotiations were currently underway.
Oil markets had previously surged amid uncertainty over the talks and fears that a near-total closure of the Strait of Hormuz could significantly disrupt Persian Gulf energy exports. Trump has repeatedly threatened military action against Iran without following through, while Tehran has not immediately confirmed any renewed negotiations.
Trump also said the United States is prepared to launch an attack if an acceptable agreement is not reached, though he did not set a deadline.
“I put it off for a little while, hopefully maybe forever, but possibly for a little while, because we’ve had very big discussions with Iran, and we’ll see what they amount to,” he said during a White House event on Monday evening, shortly after his social media post.
Separately, a US naval blockade has reportedly left Iran’s Kharg Island oil terminal inactive for at least 10 days, halting Tehran’s petroleum exports and removing millions of barrels from global supply. This marks a shift for Iran, which had previously been the dominant crude exporter through the strait after restricting other countries’ vessels during the early phase of the conflict.
Crude prices briefly pared gains on Monday after Iran’s semi-official Tasnim news agency reported that Washington had proposed a temporary waiver on oil sanctions until a final deal is reached. However, a US official, speaking anonymously due to the sensitivity of the matter, said the report was false, without providing further details.
Meanwhile, the United States issued a new waiver permitting the sale of Russian crude oil and petroleum products already loaded onto tankers, days after the previous exemption expired.
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