There has been a big fall in the prices of crude oil due to the statement given by US President Donald Trump regarding the end of the war with Iran. On Tuesday, crude oil prices fell from a record high to around $20 per barrel in a single day. During a press conference in Florida, Trump said he was considering relaxing some oil-related sanctions and providing safe passage to oil tankers through the Strait of Hormuz through the US Navy.
Trump said, we want to keep oil prices low. These prices had increased due to this conflict. However, it is not yet clear whether ships are passing through the Strait of Hormuz normally or not. About 20% of the world’s oil supply passes through this route. Due to the war, major oil producing countries of the Gulf region, such as Saudi Arabia, have had to reduce production due to lack of storage.
how much crude oil fell
On Tuesday, the price of Brent crude fell by more than $ 20 per barrel from the day’s highest level to about $ 88.5 per barrel. On Monday, Brent crude had reached $ 119.5 per barrel during the day. Similarly, WTI American crude oil futures also fell by about 10% to $ 85.02 per barrel. On Monday it had gone above $115 per barrel.
record decline
This is considered to be the biggest fall in crude oil prices from the high level to the closing price in any day. On Tuesday morning, prices fell another 10% to below $90 per barrel. In this way, a fluctuation of about $ 38 was seen in prices, which is the highest after the Corona epidemic of 2020. At that time, oil prices had also become negative for some time.
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