Trump's Iran Strike Cancellation Sends Oil Prices Plummeting

Oil prices plummeted to a three-week low following former President Donald Trump's decision to cancel a planned military strike on Iran. This move led to a reduction in geopolitical tensions, decreasing the perceived risk of disruptions to oil supplies from the Middle East.

The global crude benchmarks, Brent and West Texas Intermediate (WTI), declined significantly with Brent dropping to approximately $82 to $84 a barrel and WTI reaching $79 to $81 a barrel. This represents a decline of around 4% to 6% during the session.

Market participants are reassessing the likelihood of oil reaching new all-time highs in the near future due to the cancellation of the planned attack on Iran. As a result, September 30 odds now stand at 3.9% YES, down from 5% a day earlier.