TDV:Global oil markets swung sharply on Tuesday as crude prices plunged after U.S. President Donald Trump signaled that the war with Iran could end sooner than expected, even as the conflict intensified across the Middle East and both sides exchanged threats of further escalation.
International benchmark Brent crude fell more than $10 per barrel, dropping 10.6 percent to $88.51 by mid-day trading, while U.S. West Texas Intermediate (WTI) crude fell 11.2 percent to $84.16. The dramatic decline came just a day after oil prices had surged to nearly $119 per barrel — the highest level in almost four years — amid fears that the conflict between the United States, Israel and Iran could severely disrupt global oil supplies.
The sharp market reversal was triggered largely by remarks from Trump, who suggested that the military campaign against Iran was progressing far faster than initially expected.
Speaking in a phone interview with CBS News, the U.S. president said the war was “very complete” and that Washington was well ahead of its initial timetable.
“I think the war is very complete, pretty much,” Trump said from his golf club in Doral, Florida. “They have no navy, no communications, they’ve got no air force. Their missiles are down to a scatter.”
