Oil Declines After Trump Says He Called Off Strike on Iran
Storage tanks at the Motiva Port Arthur Refinery in Port Arthur, Texas.
Photographer: Mark Felix/BloombergOil fell after President Donald Trump said he’d called off a strike on Iran planned for Tuesday following an appeal by Persian Gulf allies.
West Texas Intermediate for July dropped below $103 a barrel, after rising 3.3% on Monday, while Brent closed above $112. Trump said in a social media post that the leaders of Saudi Arabia, Qatar and the United Arab Emirates asked “to hold off on our planned Military attack of the Islamic Republic of Iran, which was scheduled for tomorrow, in that serious negotiations are now taking place.”