Trump’s remarks send oil prices lower

Oil prices continued to decline on global markets.

TodayPress TV reports that January 2027 Brent crude futures on the ICE London exchange fell by $0.94, or 1.02%, to $91.63 per barrel.

Meanwhile, December 2026 West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange (NYMEX) dropped by $1.04, or 1.20%, to $85.81 per barrel.

According to analysts, the main reason behind the decline is growing expectations that military tensions between the United States and Iran will ease. US President Donald Trump’s statement that the likelihood of further military strikes against Iran was low has reduced concerns about potential disruptions to oil supplies from the Middle East.

At the same time, forecasts that global oil supply will exceed demand are also putting downward pressure on prices. According to estimates by JPMorgan analysts, global oil supply exceeded demand by 1.4 million barrels per day in October.