Trump's Iran Pause Sends Oil Prices Tumbling

Oil prices fell on Tuesday after US President Donald Trump announced he was holding off on a planned attack on Iran to allow for negotiations to end the war in the Middle East. Trump posted on social media that the US was ready to resume attacking if a deal is not reached.

The pause in military action led to Brent crude futures dropping 1.5% and US West Texas Intermediate crude for June delivery falling by 0.60%. The more active July contract fell 0.8%, with prices at $110.37 and $103.56, respectively.

Ole Hansen of Saxo Bank said Trump's comments had driven oil lower, adding that there have been no meaningful developments towards ending the war.