WTI Crude Prices Plummet Amid Trump's Iran War Comments
WTI crude oil prices slumped to near $89.00 on Tuesday's early Asian session, as markets weighed in on US President Donald Trump's UN speech. Trump stated that he is in a 'deciding mode' regarding the Iran war and met with Iran's delegation for three hours on the sidelines of the U.N. General Assembly in New York City.
Trump warned that he could annihilate Iran if there is no deal to end the war but also suggested an agreement could come soon amid a diplomatic push at the United Nations. The Houthis targeted the Saudi capital Riyadh and the port city Yanbu, which serves as a key oil export terminal on the Red Sea.
US crude oil inventories saw an unexpected weekly build, with API reporting a 1.786 million barrel increase for the week ending September 18. Analysts at OCBC suggest that crude prices may find a firmer footing due to renewed support from Saudi attack risks resurfacing.