Oil prices hit 10-week low after Trump comments on Iran

Oil prices have declined to a 10-week low following remarks by former U.S. President Donald Trump, who indicated that the United States is unlikely to renew military actions against Iran. This development has contributed to a decrease in perceived geopolitical risk in the oil markets. Brent crude and U.S. West Texas Intermediate (WTI) futures, key benchmarks for global and U.S. oil prices, have seen significant declines. Brent crude was between $96.67 and $97.57 per barrel, while WTI was between $89.87 and $90.45, marking a notable drop from previous levels. The market reaction suggests a shift in sentiment as the potential for conflict-induced supply disruptions appears diminished. Observers will be monitoring any further statements from key geopolitical figures, including U.S. and Iranian officials, which could impact market perceptions.

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