Oil dives almost 5% as Trump signals restraint

Brent crude fell 4.65% to $93.75 a barrel on Monday, after reaching an intraday low of $92.80, The Express Tribune reported. The decline followed US President Donald Trump’s remarks that he was unlikely to order further strikes on Iran while talks continued. Brent had already dropped 16% last week, its sharpest weekly decline since the start of the Covid-19 pandemic.

The price move came despite reports of attacks on shipping near the Strait of Hormuz. Saudi and Omani officials called for continued diplomatic efforts, while Iraq said it had agreed with the US to let its oil exports pass through the strait on a route near Oman. A fire following a strike on Saudi Arabia’s East-West pipeline was put out, with no reported casualties or disruption to operations.