Oil falls as Trump predicts Middle East de-escalation

Oil prices fall after surging as high as $119 a barrel on Monday

Trump predicted the war in the Middle East could be over soon

G7 ready to act on oil surge but holds off tapping reserves

Oil prices fell on Tuesday after hitting an over three-year high in ‌the prior session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Brent futures fell $4.17, or 4.2 per cent, to $94.79 a barrel at 03:45 GMT, while US West Texas Intermediate (WTI) crude was down $3.81, or 4pc, to $90.96 a barrel. Both the ​contracts fell as much as 11pc earlier before paring some losses.

Oil surged past $100 a barrel on Monday to hit its ​highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding US-Israeli war ⁠with Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call ​with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a ​prolonged supply disruption.

Trump said on Monday in a CBS News interview that he thinks the war against Iran “is very complete”........

© Dawn Business