Business / NEWS UPDATE
Oil price falls amid hope of a breakthrough to end Iran war
Published · 1 min read
Brent crude oil prices fell by more than 6.5% to $105.55 a barrel, the lowest level in over two weeks, amid hopes of a breakthrough in the Iran-US conflict.
The Iranian foreign minister stated that consultations were ongoing, while reports suggested the supreme leader had granted more powers to the government for talks. This drop in oil prices boosted airline shares and reduced government borrowing costs, offering relief from inflationary pressures. However, President Trump warned that he might still take tough action after the US midterm elections.