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Oil prices have dropped sharply on Tuesday after President Donald Trump said China can continue to buy oil from Iran, a sign that the United States attenuates its maximum pressure on the Islamic Republic following a ceasefire with Israel.
World benchmark Brent dropped by $ 3.33, or 4.66%, at $ 68.15 per barrel at 10:18 am. US gross oil was down $ 3.18, or 4.64%, to $ 65.33 per barrel. Prices ended 7% on Monday because the oil market bet that the conflict in the Middle East was down.
“China can now continue to buy oil in Iran,” said Trump in an article on his Truth Social Social Media Platform. “I hope they will buy a lot in the United States. It was my great honor to make it happen!”
Trump threatened in May Bar any country The purchase of Iranian oil to do business with American China buys the vast majority of 1.7 million barrels per day that Iran generally exports, according to KPLER data.
Oil prices have dropped at levels for the last time before Israel begins to bomb Iran on June 13, because investors now believe that the risk is low that a major supply disturbance occurs in the Middle East.
The American decision to join the Israel campaign and bomb three key nuclear sites in Iran during the weekend, initially launched fears that Tehran could try to stifle the exports of oil from the Persian Gulf in retaliation.
Instead, Tehran launched a missile attack on an American air base in Qatar, which has made no victim, providing an additional climbing offramp. Trump announced a cease-fire agreement between Israel and Iran shortly after.
The ceasefire landed on the verge of collapse on Tuesday when Trump accused Iran and Israel of having violated the agreement shortly after its entry into force. The president demanded that Jerusalem and Tehran are joining the ceasefire, reserving unusual words for Israel.
“I am not satisfied with Israel,” Trump told journalists on the way to a NATO summit in the Netherlands. “I am not satisfied with Iran either, but I am really unhappy if Israel” continues its bombing campaign on Tuesday.
Throughout the conflict, the merchants feared that Israel could target the 3.3 million B / J of crude oil that Iran produces, or that the Islamic Republic can attack the energy infrastructure in the Gulf nations, including Iraq.
Investors have also watched if Iran would try to close the Hormuz Strait connecting the Persian Gulf and the Gulf of Oman. The Strait, used to transport 20% of the world’s crude, is a key route for Iranian expeditions and other means of the Middle EastIncluding Saudi Arabia, the largest oil exporter in the world, the United Arab Emirates, Iraq, Kuwait and Bahrain.
