Oil prices fell sharply on Tuesday after President Donald Trump said that China can still buy oil from Iran, which is a sign that the US will relieve the maximum pressure campaign to the Islamic Republic after suspending weapons with Israel.
Global reference point Brent It dropped by USD 3.33, i.e. 4.66%, to USD 68.15 for a barrel until 10:18 et. Petroleum Recently, it has fallen by USD 3.18, i.e. $ 4.64%, to USD 65.33 per barrel. Prices closed 7% lower on Monday, when the oil market assumes that the conflict in the Middle East is over.
“China can still buy oil from Iran,” said Trump in the post on his own Truth Social Social Platform. “I hope that they will also buy a lot from the US. My great honor was that it would happen!”
Trump threatened in May no country According to kpler data, buying Iranian oil with doing business with American China buys the vast majority of 1.7 million barrels a day, that Iran usually export.
Oil prices have fallen to levels recently, before Israel began to bomb Iran on June 13, because investors believe that the risk is low, that serious supply disturbances will occur in the Middle East.
The US decision to join the Israeli campaign and bomb three key nuclear places in Iran at the weekend initially caused concern that Tehran could try to suffocate oil exports from the Persian Gulf in retaliation.
Instead, Tehran began a rocket attack on the American air base in Qatar, which left no victims, providing offramp from further escalation. Trump announced a weapon suspension agreement between Israel and Iran shortly after.
The suspension of the weapon on the edge of the fall on Tuesday, when Trump accused Iran and Israel of violation of the agreement shortly after entering into force. The president demanded that Jerusalem and Tehran spend a suspension of weapons, reserving extremely harsh words for Israel.
“I'm not happy with Israel,” Trump told reporters on the way to the NATO summit in the Netherlands. “I'm not happy with Iran, but I'm really dissatisfied if Israel” continues the bomb campaign on Tuesday.
During the conflict, traders were afraid that Israel could direct 3.3 million BPD of crude oil, which Iran produces, or that the Islamic Republic could be thrown out, focused on energy infrastructure in the Persian bay nations, including Iraq.
Investors also observed whether Iran would try to close the Hormuz Strait connecting the Persian Gulf and the Bay of Oman. Strait, used for transport 20% oil in the world, is A key route for Iranian and other shipments in the Middle EastIn this Saudi Arabia, the world's largest oil exporter, United Arab Emirates, Iraq, Kuwait and Bahrain.