Oil price slumps as Trump says he called off Iran attacks
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Brent crude fell from $112 to $109 per barrel after Trump's comments on Truth Social.
- Trump announced he was holding off a planned military attack on Iran for Tuesday, after Qatar, Saudi Arabia and the United Arab Emirates asked him to do so.
- Iran had effectively closed the Strait of Hormuz, a key shipping lane for about 20% of global oil and LNG, fueling market volatility.
- U.S. accepted a temporary waiver on sanctions against Iran's crude oil during negotiations, raising hopes of progress and contributing to the later price decline.
- U.S. Treasury yields rose to 4.63% on the 10‑year note, the highest in over a year, as higher energy costs spurred inflation worries.
Why it matters: Consumers and airlines see lower fuel costs as Brent drops $3 per barrel, while oil producers lose revenue; the 10‑year Treasury yield’s jump to 4.63% raises US borrowing costs and fuels inflation worries.
