Business Desk – Crude Oil Price Today: After the statements of US President Donald Trump, the prices of crude oil are once again falling. Trump has announced a 10-day ceasefire between Israel and Lebanon, which has come into effect.
Apart from this, he indicated that the increasing tension with Iran may also end soon. As a result, on April 17, the price of WTI crude oil fell by 1.23% to $93.550 per barrel, while the price of Brent crude oil remained stable at $98.461 per barrel.
Crude oil prices fall as tensions ease in the Middle East
US President Trump announced a 10-day ceasefire between Israel and Lebanon. Israeli Prime Minister Benjamin Netanyahu has also confirmed this development. Regarding the resolution of the conflict with Iran, US President Donald Trump said that Iran has accepted some conditions, which indicates that the current tension can be resolved soon.
US administration sources claim that Iran has agreed to give up its ambitions to develop nuclear weapons as well as reopen the Strait of Hormuz and supply oil for free. Tehran has not yet responded to this claim of the US President. It is worth noting that President Trump has made many claims in the past, such as an early end to the conflict or forcing Iran to surrender, all of which Iran has later denied.
Although the US says oil supplies will return to normal once tensions with Iran ease, IMF Executive Director Fatih Birol suggests that a large portion of the oil and gas production disrupted by these tensions may take at least two years to fully recover.
Trump’s statements and oil prices
You might have also noticed that after the statements of US President Donald Trump, there is a lot of fluctuation in oil prices. As soon as he signals the end of hostilities, crude oil prices fall. On the contrary, signs of increasing tension lead to a rise in crude oil prices.
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