Oil Prices Drop Below $90 Amid Trump's Iran Comments

Oil prices experienced a significant decline, falling below $90 per barrel after reaching nearly $120, influenced by remarks from former U.S. President Donald Trump.

Trump criticized Iran's choice of Mojtaba Khamenei as the new Supreme Leader, calling it a "big mistake," and suggested that the ongoing conflict would soon come to an end. His comments coincided with a rise in Brent crude prices, which had surged to their highest levels since 2022.

The G7 finance ministers indicated readiness to release strategic petroleum reserves to stabilize the global energy market. Trump's remarks also highlighted concerns over military actions in the Middle East, particularly regarding Iran's influence and the potential for disruptions in oil shipments through the Strait of Hormuz.

Russian President Vladimir Putin expressed support for Iran's new leadership, while British Prime Minister Keir Starmer warned of the economic consequences of prolonged conflict in the region.