Oil prices fall to lowest since August as Trump says Iran war is ‘effectively over’

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Oil prices fell to their lowest level since late August as markets reacted to Donald Trump saying the Iran war was effectively over and downplaying further military action. Brent crude dropped nearly 3% to $89.66, while stock markets including the FTSE 100 rose.

FTSE 100 and other markets climb after president downplays prospect of further strikes in Middle East Business live – latest updates Oil prices have fallen to the lowest level since late August while stock markets climbed higher, as markets reacted with relief to Donald Trump saying that the war on Iran is “effectively over”. Brent crude, the global oil benchmark, fell nearly 3% to $89.66, the lowest since 31 August, on Tuesday morning, after the US president downplayed the need for military action against Iran “at this point”. The fall came after a near 6% drop on Monday on signs that the conflict might be nearing an end. Continue reading...