U.S. crude oil prices tumbled Tuesday evening after President Donald Trump agreed to suspend attacks on Iran for two weeks.
The West Texas Intermediate
contract for May delivery fell more than 9% to $102.63 per barrel by 6:43 p.m. ET.
“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump said in a social media post.
Trump had vowed to bomb every bridge and power plant in Iran if its leaders did not meet his 8 p.m. ET deadline. The president’s rhetoric took an ominous turn Tuesday morning when he threatened to destroy Iran’s entire civilization.
