Oil Falls Below $90 for First Time Since August
Oil prices dropped below $90 per barrel for the first time since August, supported by expectations of easing tensions with Iran following Trump's statements and congressional dynamics.
Translated by Qiyas from الوسط — Original source
Oil prices fell below $90 a barrel for the first time since August, after U.S. President Donald Trump said that additional military strikes against Iran would not be necessary, a sign that bolstered hopes for an end to the nine-month-old conflict. The decline extended to West Texas Intermediate crude, which also dropped below $85 a barrel, continuing a downward trend in oil prices that began in early November. Expectations grew that the war could end following the U.S. midterm elections, as Democrats in Congress consider using the December 11 deadline to avert a government shutdown to pressure Trump into ending the conflict. The price drop reflects a partial unwind of the geopolitical risk premium that had supported oil prices in recent months, as markets await to see whether political signals will lead to a genuine de-escalation and a reduction in risks to energy supplies and shipping movements in the region.
