Global energy markets have started showing positive reactions after US President Donald Trump announced that the war against Iran may soon come to an end, leading to a noticeable drop in crude oil prices.
Following the statement, global crude oil prices declined by around 8 percent. The price of Brent crude also dropped by about 8 percent to nearly 90 dollars per barrel, while during trading US crude oil fell from below 89 dollars to around 87 dollars per barrel.
In an interview with the American television network CBS, President Donald Trump said that in his view the war against Iran is largely complete and that the conflict appears to be approaching its final stage.
Earlier, while addressing a Republican conference, President Trump also announced the removal of certain restrictions related to oil. He stated that some oil related sanctions were being eased in order to help reduce global prices.
It is worth noting that a day earlier crude oil prices had surged above 119 dollars per barrel during trading, raising concerns across global energy markets.
After oil prices crossed the 119 dollar level, G7 countries signaled that emergency reserves could be used to stabilize the market, which initially caused some decline in prices. However, after the latest statement by the US president regarding the possible end of the Iran conflict, oil prices recorded a further drop in global markets.
