Oil and gas prices fell sharply on Tuesday after US President Donald Trump said that the war in Iran was “very complete, pretty much”.
Crude almost reached $120 a barrel on Monday over fears that the conflict would cause lengthy disruption to energy supplies from the Middle East, but dropped back to below $90 following Trump’s comments.
Although oil prices are still significantly higher than they were before the war, global stock markets rebounded.
The boss of Saudi Arabia’s Aramco, the world’s biggest oil exporter, has warned of “catastrophic consequences” if the Strait of Hormuz, a shipping route crucial to global energy supplies, remains blocked.
