Oil Price Slides to $86 as Trump Says Gulf Allies Back Iran Blockade

Oil prices extended their slide on Tuesday, with West Texas Intermediate (WTI) crude at $86.37 a barrel. US President Donald Trump said on Monday that Gulf allies prefer keeping the blockade of Iran over renewed strikes. The blockade keeps Iranian crude off the market. Even so, traders are pricing lower strike risk. That could ease import costs for oil-importing Asian economies such as South Korea and Japan. Why Is Oil Falling While the Blockade Stays? Trump held talks with Qatar’s prime minister, Sheikh Mohammed bin Abdulrahman Al Thani, on Monday. He then posted that Qatar, Saudi Arabia, the United Arab Emirates, Bahrain, and Kuwait favor the status quo. That means the naval blockade plus Operation Iron Gate.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to BeInCrypto.