Crude Oil Extends Losses
Crude oil fell more than 1.5% to below $95 a barrel on Tuesday, reaching a three-week low and extending the previous session’s 7.4% decline. Prices reversed earlier gains as President Donald Trump announced that Washington would end its financial support for Israel by year-end, following an agreement with Prime Minister Benjamin Netanyahu to discontinue the $4 billion aid programme. Trump said Israel no longer needed the assistance, although the US would remain willing to provide other forms of support. Also, US Energy Secretary Chris Wright said overnight attacks on Iran’s Qeshm Island had not affected oil flows, while indicating that additional refined products would be supplied from the Persian Gulf and India. Meanwhile, Iran signaled greater flexibility towards diplomacy, with President Masoud Pezeshkian saying Supreme Leader Mojtaba Khamenei had authorized discussions on issues previously considered non-negotiable.
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Crude oil fell more than 1.5% to below $95 a barrel on Tuesday, reaching a three-week low and extending the previous session’s 7.4% decline. Prices reversed earlier gains as President Donald Trump announced that Washington would end its financial support for Israel by year-end, following an agreement with Prime Minister Benjamin Netanyahu to discontinue the $4 billion aid programme. Trump said Israel no longer needed the assistance, although the US would remain willing to provide other forms of support.
Also, US Energy Secretary Chris Wright said overnight attacks on Iran’s Qeshm Island had not affected oil flows, while indicating that additional refined products would be supplied from the Persian Gulf and India. Meanwhile, Iran signaled greater flexibility towards diplomacy, with President Masoud Pezeshkian saying Supreme Leader Mojtaba Khamenei had authorized discussions on issues previously considered non-negotiable.