Oil prices fall below $100 as Trump insists ceasefire still intact after U.S.-Iran exchange fire
The U.S. and Iran exchanged fire in the Strait of Hormuz, raising fresh fears that the fragile ceasefire between the two countries was unraveling.
AI Summary
Oil prices rose 2.26% on Friday after military exchanges between the U.S. and Iran in the Strait of Hormuz sparked concerns about the deteriorating ceasefire between the two nations. President Trump characterized the strikes as minor, claiming U.S. forces eliminated Iranian targets and warned of further military action if Iran refuses a nuclear deal, while the market experienced volatility as uncertainty grew around whether U.S.-Iran peace negotiations would hold. Analysts predict continued oil market volatility as the risk of a breakdown in peace talks threatens shipping through the critical Hormuz waterway.