Oil prices tumble as US-Iran tensions head towards de-escalation | Business


The spike in oil prices vanished on Wednesday as US President Donald Trump offered peace to Iran, hours after it fired missiles at military bases in Iraq that housed American troops, reported AFP. 

New York oil prices slid 4.6 percent while Texas crude oil WTI, already dropping before Trump spoke, sharply extended its losses to fall under $60 per barrel and Brent crude shed 3.7 percent to $65.78 after the president signalled towards de-escalation with Iran. 

Read moreTrump says Iran standing down, US ‘ready to embrace peace’

“The American people should be happy. I am pleased to announce that no US soldiers were hurt in the attack last night by the Iran regime,” he had said. “Iran seems to be standing down which is good for all parties concerned and a very good thing for the world. No American or Iraqi lives were lost.”

Concluding his speech, Trump gave a message to the “people and leaders of Iran” that the US was “ready to have peace with all those who seek it”.

Trump said the US wanted Iran to have a “great and prosperous future with other countries of the world”.

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