Presently, the economy of the entire world seems to be following Trump’s footsteps. Amidst the ongoing conflict in Iran, when President Trump said that America will not attack there right now, it changed the course of the entire crude market, the oil which was touching the sky till now. Its prices suddenly fell.
After Donald Trump said that America will not attack Iran yet, there was a decline in oil prices. After rising continuously for six days, Brent crude has now fallen below $65 and American WTI oil has reached near $60. Prices decreased by about 3 percent. Trump says that Iran has given assurance to stop the action against the protesters. Due to this, the risk of war and the possibility of oil supply being stopped has reduced for the time being.
there is no peace yet
Still, the situation in Iran is not completely calm. Due to security reasons, air services have been stopped in some areas and America has sent some of its troops to other places. Oil became expensive this year because there is political turmoil in countries like Iran and Venezuela. Trump has spoken to Venezuelan leaders and indicated that the US will support its presence in OPEC.
Commodity experts say that if tensions increase, oil may go up to $75, but as soon as the situation improves, prices may come down again. H-1B visas are now hurting Indians more than Trump’s tariffs. People who have returned to India for renewal are getting stuck here. Their jobs are in danger.
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