Trump says he sees no reason to escalate war with Iran
President Trump told 60 Minutes the war with Iran was a "good decision" in the long term, despite its short-term impact.
Key points
- Brent crude fell 2% to $96.38 a barrel early Monday, extending a decline of more than a week.
- U.S. benchmark crude dropped 1.5% to $89.56 a barrel.
- Prices remain about 50% higher than a year ago but below the near-$120 peak during fighting.
Oil prices fell early Monday as markets appeared encouraged by President Trump casting doubt on a return to full-scale war with Iran. Brent crude, the international standard, dropped 2% to $96.38 per barrel, continuing a decline seen for more than a week. U.S. benchmark crude also fell, down 1.5% to $89.56 per barrel.
Prices since the war began
Oil prices have risen significantly since the U.S. and Israel launched the war with Iran. Iran responded by attacking and threatening commercial ships in the Persian Gulf and the Strait of Hormuz, key energy supply routes.
Prices remain about 50% higher than a year ago, before the war began. They are down from highs during the peak of fighting, when Brent crude soared to near $120 a barrel.
I see no reason to escalate
— President Trump
