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Donald Trump’s statements on a 5-day truce with Iran dropped oil on Monday, as global markets reacted with strong volatility and the Strait of Hormuz remained at the center of the energy crisis
Oil prices fluctuated on Monday (23) following new statements from Donald Trump about Iran. After opening higher, prices retreated, while Asian markets closed lower and European markets turned after the news.
Oil falls after Trump speech
Trump announced a 5-day truce with Iran and stated on Truth Social that representatives from both countries had “very good and productive conversations” over the weekend.
According to him, any attack on Iranian energy infrastructure has been postponed.
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Around 9:40 AM, Brent crude was down 7.54%, at $103.73. West Texas Intermediate, the U.S. benchmark, fell 6.89%, to $91.46.
Iran denies negotiations
The Fars news agency, linked to the Revolutionary Guard, stated that there are no ongoing talks between Tehran and U.S. officials.
Even with the signaling of a pause, the war continued to show signs of escalation. The Israeli Army reported at 8:59 AM that it had carried out attacks on targets of the Iranian regime in the heart of Tehran, in a statement released on social media.
Markets react to the conflict
In Asia, markets closed lower on Monday. The Nikkei index in Tokyo fell 3.47%, while the Kospi in Seoul dropped 6.5%, pressured by oil imports. Hong Kong fell 3.5%, Shanghai lost 3.6%, and Sydney retreated 0.7%.
In Europe, markets opened lower but turned around after the news of the truce. At 9:40 AM, Paris was up 1.76%, London 0.55%, Milan 1.86%, and Frankfurt 2.24%.
Hormuz remains at the center of the crisis
The Iranian agency Tasnim, citing an anonymous official source, stated that the Strait of Hormuz will not return to conflict conditions and that energy markets are expected to remain unstable.
The oil crisis remained the focus of investors.
Over the weekend, the Revolutionary Guard threatened to “completely” close the strait and attack energy plants in Israel and facilities that supply American bases in the Gulf region.
Threats increase tension
The threat responded to Trump, who on Saturday (21) said he could “obliterate” Iranian energy plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours. The deadline would end around 7:44 PM on Monday.
Trump stated that if Iran did not fully open the strait, the United States would attack and annihilate energy plants. An attack would be a significant escalation in the war that has been ongoing for more than three weeks.
With information from G1.
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