Commodities
Oil Prices Retreat as US-Iran Tensions Ease Amid Trump Diplomacy
Crude oil prices retreated on Hyperliquid as tensions between the US and Iran paused. The West Texas Intermediate (WTI) dropped to $86.82 from last week's high of $93, while Brent, the global benchmark, fell to $98.
The pause in hostilities is attributed to Trump's decision to give diplomacy a chance, according to Axios. Trump has reneged on some of his recent threats against Iran, including targeting its bridges and power plants.
This development comes as no surprise to investors, who have coined the term TACO (Trump Always Chickens Out) to describe his tendency to back down from his threats.