Oil Drops as Trump Cheers Slide with Iran-Israel Truce Back On

Oil plunged for the second straight day as US President Donald Trump signaled he wants to keep oil flowing out of Iran after brokering a fragile ceasefire between Tehran and Israel.

West Texas Intermediate crude plunged by nearly 15% over two sessions to settle near $64 a barrel, while Brent was just above $67. Prices have slumped amid the significant deescalation of a conflict that has rocked the energy-rich Middle East. Trump said in a social media post that China can continue buying Iranian oil and that he hopes the country will also be purchasing “plenty” from the US. Crude fell further as both sides made deescalatory remarks.