Oil falls almost 5% as Trump signals restraint on Iran
LONDON — Brent crude futures were down almost 5 percent on Monday after hitting their lowest since early September, after U.S. President Donald Trump downplayed the likelihood of renewed strikes on Iran, though attacks continued on ships near the Strait of Hormuz. Brent crude futures were down $4.57, or 4.65 percent, at $93.75 a barrel by 12:04 p.m. EDT (1704 GMT). Their session low was $92.80 a barrel. U.S. West Texas Intermediate futures fell $3.19, or 3.51 percent, to $87.64. The Brent benchmark plunged by 16 percent last week and touched a two-month low of $93.22, its steepest weekly drop since the start of the COVID-19 pandemic. On Sunday, Trump said he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progressed. Still, both countries reported that shipping had been hit in or near the Strait of Hormuz. "This seems to have encouraged sellers on the prospects for peace even while the actual fighting is not slowing down," TACenergy analysts said in a note. Last week, Trump had hinted at a resumption of attacks on Iran, and Tehran vowed to respond
