Oil prices edged lower after US President Donald Trump stated that the war in Iran was "militarily effectively over" and signalled a possible pause in further
military action or escalation. Brent crude prices traded below 92 dollars per barrel (at the time of filing this copy). Donald Trump indicated that he considers the US-Israel war on Iran "effectively" at an end after his meeting with Qatar's Prime Minister. In a surprise briefing on Monday, Trump reiterated his position that the US had destroyed Iran's military. "At this point ... taking the military action doesn't seem to be a very necessary thing. But we're locked and loaded, ready to go for any reason that changes," Trump told reporters. "I think it's going to be ending fairly soon," he added. Trump further claimed that the Iranian "danger and threat" to Israel and the broader Middle East had been neutralised, saying Washington was merely maintaining the "status quo". Independent market analyst, Ambareesh Baliga earlier told Times Now Digital, "all eyes are on the West Asia crisis. The mid-term outcome surely has given a hope towards settlement of the crisis-this has been reflected in sharp decline of oil prices and a spirited rally in the stock markets. The poll results were on expected lines-however, the biggest uncertainty still lingers...US President Trump's actions over the next few days. We don’t know yet whether he will accept the outcome and sober down or whether he will go on an overdrive in West Asia. We can only keep our fingers crossed." Analysts believe the trajectory of crude oil prices will depend on whether the latest remarks by US President Donald Trump translate into a sustained de-escalation in West Asia. Any renewed military action or disruption to key oil supply routes could put upward pressure on prices. For now, markets remain watchful of developments and their implications for global energy supplies.
