Oil tumbles 6% after Trump says he scrapped planned Iran strike
AI Market Summary
Crude sold off sharply after President Trump said a planned Iran strike was called off, triggering rapid removal of geopolitical risk premium. WTI fell over 6% and Brent nearly 5%, reversing part of July's surge. Added supply pressure from an OPEC+ September quota increase reinforced the move. Near-term oil pricing is likely to stay headline-driven around Middle East escalation/de-escalation signals.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT-0.70%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▼ Bearish
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Oil prices came under heavy selling on Monday after President Donald Trump said he had called off a planned strike on Iran, arguing that a deal to end the five-month conflict could be close. WTI slid more than 6% to about $79.50 a barrel, while Brent fell nearly 5% to $83.80, giving back part of July's roughly 20% rally. Tehran said no talks are scheduled, Reuters reported. Pressure also increased after OPEC+ agreed to raise September output quotas by 188,000 barrels per day. Traders have seen similar cycles before, but fresh de-escalation headlines still tend to strip geopolitical risk premium from crude.
