Oil falls 2% after Trump signals US exit from Iran
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- Oil fell about 2% on Wednesday, with Brent crude down 1.9% to $102.01 per barrel and WTI down 1.27% to $100.01 per barrel, after Trump's remarks on Iran.
- Trump told reporters the U.S. may wind down its military operations in Iran quickly and threatened to quit NATO over perceived lack of Middle East support.
- Iran said it was ready to reach a resolution or intensify attacks on U.S. assets and allies, but gave no specifics on how a deal would be achieved.
- Pakistan sources reported that neither side responded to Islamabad's proposal for a temporary ceasefire.
- IRGC threatened 18 American technology and industrial companies, including Microsoft, Google, Intel, Tesla, IBM, Apple, and Boeing, labeling them as legitimate targets.
- Houthis launched coordinated missile and drone attacks on southern Israel and warned they could close the Bab al‑Mandeb strait, potentially blocking 30% of Israel's imports.
Why it matters: The price dip offers a short‑term reprieve for oil‑importing economies and traders, but the market remains far above pre‑war levels, meaning producers and oil‑rich nations still enjoy elevated revenues while the conflict’s uncertainty persists. The brief rally also underscores how geopolitical statements can quickly shift commodity markets, highlighting the leverage of political rhetoric over supply fundamentals.
