Brent crude fell below $90 a barrel on Tuesday, Nov. 10, for the first time since Aug. 30, as tensions between the United States and Iran eased. (Foto: Instagram)
Brent crude fell below $90 a barrel on Tuesday, Nov. 10, for the first time since Aug. 30, as tensions between the United States and Iran eased. President Donald Trump said on Sunday that another U.S. attack on Iran was highly unlikely.
Brent was trading at $89.66 a barrel at 10:34 a.m., down 2.91% over the previous 24 hours. In a telephone interview with CNN, Trump said the end of the war depended on whether Iran signed “a very solid agreement,” adding that a new attack was “highly unlikely” to be necessary.
International media have also reported that Washington may have agreed to allow Iran to enrich uranium to 3.67%. The United States began the conflict on the grounds that Iran was enriching the element for nuclear purposes.
Increased oil traffic through the Strait of Hormuz has also contributed to the price decline. The key global trade route typically carries 20% to 25% of the oil consumed worldwide. At the most critical points in the war involving the United States, Iran and Israel, passage through the strait was completely halted, driving oil prices higher.
