Oil Prices Plummet After US Suspends Airstrikes Against Iran
International oil prices plummeted on September 27th after the US suspended airstrikes against Iran over the weekend. The Brent crude oil price for September delivery closed at $88.36 per barrel on the ICE Futures Exchange, down 8.7% from the previous session. This marks the first time in a week that the closing price of Brent crude futures has fallen below $90 per barrel since September 20th.
The US had been escalating tensions with Iran, which led to a surge in oil prices last week as Brent crude futures reached the $100-per-barrel mark. However, following a temporary suspension of airstrikes by US President Donald Trump on September 24th, and no retaliatory attacks from Iran, the armed conflict appears to have entered a lull.
Energy industry experts warn that despite the recent price drop, actual crude oil volume is still limited, and oil prices are likely to fluctuate significantly depending on the development of the US-Iran conflict. As Mike Waltz, the US ambassador to the United Nations, stated, 'What the president is doing now, as we've seen, is giving some room for dialogue.'