Oil prices drop as Trump hints at ending Iran conflict
Oil prices slid below $90 per barrel on Monday after President Donald Trump said the Iran conflict could be wrapping up.
This comes as tanker traffic through the crucial Strait of Hormuz (a route for 20% of global oil) has plummeted by 92% since late February.
With over 240 ships stuck near the closed waterway
With over 240 ships stuck near the closed waterway and shipping activity down nearly half, there's real concern about fuel shortages and higher prices.
For anyone filling up or watching energy markets, this means more price swings and uncertainty.
Investors are now reacting to both geopolitical tensions
Oil prices saw their biggest jump since the pandemic, but Trump said, 'I think the war is very complete, pretty much,' on CBS News quickly sent them tumbling again.
WTI crude dropped more than 10% in after-hours trading, trading as low as $81.19.
Investors are now reacting to both geopolitical tensions and hopes for a quick resolution.