Oil prices slip to August low as Trump says Iran war is ‘effectively over’
Brent crude fell to $89.66 on Tuesday, its lowest level since 31 August, after U.S. President Donald Trump said the war on Iran is “effectively over”.
Brent crude fell to $89.66 on Tuesday, its lowest level since 31 August, after U.S. President Donald Trump said the war on Iran is “effectively over”. The Guardian reported the benchmark dropped nearly 3% as markets reacted with relief, while stock indices moved higher.
The president’s comment that further military action against Iran was not needed “at this point” helped push the price down after a near‑6% slide on Monday, which had been triggered by signs the conflict might be winding down.
Analysts said the twin falls reflected investors’ reassessment of geopolitical risk, with the latest statement adding to optimism that the tension in the region could be easing.
Why it matters
The price decline eases pressure on consumers and businesses that track oil costs, and signals that diplomatic developments may be reducing market volatility.
Key details
- Location
- Iran · Middle East
- Reported by
- The Guardian
- First reported
- Key names
- Donald Trump, Trump, Business, Oil
- Section
- Business
- Figure cited
- Brent crude, the global oil benchmark, fell nearly 3% to $89.66, the lowest since 31 August, on Tuesday morning, after the US president downplayed the need for military action against Iran “at this point”. (The Guardian)
Sources
This is an independent summary. Read the full, original reporting from the publisher:
Read the full story at The GuardianSpotted an error? Request a correction · How this summary was produced
Related Stories
Oil hits five-month high amid fears US will renew strikes on Iran
Brent crude rises to $114.72 a barrel after Tehran threatens retaliatory attacks on Gulf oil and tech facilities Business live – latest updates Oil…
Trump says US war in Iran effectively over, downplays escalation
The Guardian reported that President Donald Trump told reporters the war in Iran is “effectively over”.
Trump’s shattered ‘mirror world’: American voters roundly reject president’s alternate reality
President claimed to have ushered in a ‘golden age’ even as prices soared and war dragged on – and midterm voters did not buy his looking-glass…
US offers $20m reward for information about Iran's nuclear programme
Donald Trump has repeatedly raised the prospecting of renewing strikes against Iran's nuclear facilities.
Administrators say David Jones reviewed finances months before collapse
The Guardian reported that administrators of Australian department store group David Jones said they had examined the retailer’s finances six months…
Skims offers refunds for $148 advent calendar after social media backlash
Skims, the brand founded by Kim Kardashian, will issue refunds for its $148 advent calendar following widespread criticism of its contents on social…
Welsh government launches £130m scheme, £250 heating aid for 20,000 homes
The BBC reported that the Welsh government has unveiled a £130m package aimed at easing the cost‑of‑living pressure on residents.
Independent bookshop closing after rise in bills
The Chicken and Frog in Brentwood says business rates and electricity bills have risen dramatically.