Oil price slumps as Trump says he called off Iran attacks
Donald Trump said he was holding off a military attack on Iran planned for Tuesday at the request of Gulf states. In a post on Truth Social, Trump said he had been asked to hold off the attack by the leaders of Qatar, Saudi Arabia and the United Arab Emirates. He said he had been informed that a deal would be made that is "very acceptable" to the US, adding that there would be "NO NUCLEAR WEAPONS FOR IRAN!"
The global benchmark Brent crude sank from $112 (£83) to $109 after Trump made the comments on Truth Social. Energy markets have been on a wild ride after Iran effectively closed the key Strait of Hormuz waterway in retaliation for US and Israeli strikes on the country, which started on 28 February. Around a fifth of the world's oil and liquefied natural gas usually passes through the narrow shipping route. The rise in energy costs since the conflict began has also pushed up government borrowing costs, as measured by bond yields. On Monday, the benchmark 10-year US Treasury yield hit 4.63% at one point, its highest level in more than a year, before falling back.
Trump warned that the US military would be prepared to "go forward with a full, large-scale assault of Iran, on a moment's notice" if there was no acceptable deal reached.
Quick Summary
Tensions in the Middle East continue as the US considers military action against Iran- with Gulf states now involved. Energy markets are volatile, and the potential impact on the global economy looms large- but how will it all unfold?
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