Oil falls at Monday's open as Trump says new Iran attacks are 'highly unlikely'
Oil prices fell when trading opened on Monday after President Donald Trump said he was highly unlikely to order new attacks on Iran while talks to end the war make progress. Brent crude was down 84 cents, or 0.85%, at $97.48 a barrel by 0138 GMT, and US West Texas Intermediate was down 32 cents at $90.51. Brent had already fallen 17% the previous week, its steepest weekly drop since the start of the COVID pandemic.
Key points
- Brent fell 84 cents to $97.48 a barrel by 0138 GMT on Monday; WTI fell 32 cents to $90.51.
- The fall followed Trump's CNN remarks that new attacks on Iran are 'highly unlikely' if talks progress.
- Brent had already dropped 17% the week before, its steepest weekly fall since the start of the COVID pandemic.
What happened
Trump had hinted at renewing major attacks on Iran after last week's US midterm elections, and the market had spent the week pricing that risk in and out. His Sunday remarks to CNN, conditioning any new strikes on Iran signing what he called a very strong agreement, took the immediate threat premium off the open — even as both countries reported shipping incidents in or near the Strait of Hormuz.
Claim by claim
Why this label: Reuters' market report from the Monday open, with the snapshot time stated; prices move through the session and later snapshots differed slightly.
On the ladder: a claim earns Verified from primary evidence, or from two independent sources that do not copy each other.
Why this label: The president's own words, quoted by Reuters from the CNN interview; the statement itself is verified by his own words. Whether Iran signs such an agreement is a separate question, carried in the don't-know list.
On the ladder: a claim earns Verified from primary evidence, or from two independent sources that do not copy each other.
Why this label: Reuters, citing LSEG data.
On the ladder: a claim earns Verified from primary evidence, or from two independent sources that do not copy each other.
What we know / what we don't know yet
What we know
- The Monday-open prices and their stated snapshot time, and last week's 17% Brent fall — Reuters, citing LSEG data.
- Trump's words to CNN, verbatim.
What we don't know yet
- Where prices settle by Monday's close — the open is a snapshot, not the day's result.
- Whether Iran signs the 'very strong agreement' Trump described, or the talks stall and the strike threat returns.
Why it matters
Oil is where the Iran war meets every household budget. A market that now falls when the president talks, after the steepest weekly drop since the pandemic, is pricing diplomacy over escalation — a judgement that one headline can reverse.
Update history
No silent edits. Every change is written here, with its time.
- Latest
Published. Basis: Reuters' report of the Monday open, with prices as of 0138 GMT.