LONDON: Although US President Donald Trump accused Iran and Israel of breaking a truce he helped arrange, oil prices continued to decline Tuesday, reaching a two-week low as the market saw a decreased danger of supply interruptions in the Middle East. By 4:22 p.m. Saudi time, Brent crude futures were down $3.52, or 4.92 percent, at $67.96 a barrel. At $65.09, US West Texas Intermediate crude dropped $3.42, or 4.99 percent.
Following Trump’s announcement of a ceasefire agreement between Israel and Iran, both futures had early trading losses of up to 5%. Hours after declaring the truce, Trump blasted both nations for breaking it, voicing his annoyance with Israel in particular.
The fact that Israel unloaded immediately following our agreement annoyed me. Trump told reporters on Tuesday, “They didn’t have to unload, and I didn’t like that the retaliation was very strong.” As Trump announced on the social media site Truth Social that China may now continue buying oil from Iran, prices likewise dropped. In reaction to what he said were Iranian missiles fired in a “blatant violation” of the truce, Israeli Defence Minister Israel Katz had declared that he had directed his forces to launch fresh attacks on targets in Tehran. No missiles were launched, Iran said.
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