Oil plunges after Trump delays planned Iran strikes

Brent crude’s price has dippd below the $110/bbl mark today after US President Donald Trump said he will pause a planned military strike on Iran to allow peace talks to continue.

IMAGE: Oil storage tanks. Getty Images

Brent had gained yesterday following Iranian drone strikes on regional oil producers including Saudi Arabia and the UAE. That intensified the ongoing US-Israel standoff with Iran.

The UAE’s Ministry of Foreign Affairs condemned an attack that targeted an electricity generator in the Barakah Nuclear Power Plant in Al Dhafra – one of the region’s major nuclear power plants.

Following the attacks, Trump passed hardline comments on social media platform Truth Social that Iran’s government needs to act fast and conclude a ceasefire and nuclear deal.

The shift in Washington’s plan comes at the request of the leaders of Saudi Arabia, Qatar and the UAE, Trump claimed.

“I have been asked by the Emir of Qatar… to hold off on our planned Military attack of the Islamic Republic of Iran, which was scheduled for tomorrow,” Trump wrote on Truth Social.

Trump also suggested that “serious negotiations are now taking place,” though it remains unclear whether his remarks will translate into any concrete progress.

The statement also carried a repeated warning, with Trump saying a full-scale attack on Iran could still be launched at a “moment’s notice.”

“Developments in the Middle East continue to dictate oil price action, with the market remaining sensitive to any Iran-related headlines,” two analysts from ING Bank said.

By Aparupa Mazumder

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