Oil slides 3% as Trump eases fears over Iran conflict
Oil prices fell sharply Thursday after US President Donald Trump signaled he may hold off on military action in Iran, calming worries about supply disruptions.
West Texas Intermediate dropped 3.0 percent to $60.16 a barrel and Brent crude slid nearly 3 percent to $64.57. Prices had risen the previous day on fears protests and a deadly crackdown in Iran could threaten output and transit routes.
Trump said he had been told killings of protesters had stopped and added Washington would “watch it and see” before deciding on intervention. Rights groups accuse Iran of more than 3,000 protester deaths.
Analysts said the shift eased expectations of a supply shock. Iran produces roughly three percent of the world’s oil, and tensions have raised alarms that regional instability or reprisals could hit energy infrastructure.
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