Trump says there is no need to take military action against Iran for now, Brent crude falls below 90 dollars

Impacted by Trump's statement that "there currently seems to be no need" for military action against Iran, international oil prices have further widened their decline, with Brent crude oil falling below the $90 mark. Both major crude oil futures benchmarks in the US and Brent have dropped to their lowest levels since the end of August. Analysts at ING Group stated: "As the market anticipates a possible de-escalation of the US-Iran conflict, part of the geopolitical risk premium previously priced into oil has continued to fade in recent weeks." In addition, signs of recovery in oil transportation flows in the region have also put pressure on oil prices. However, uncertainty remains in the market outlook due to the fragile nature of regional negotiations and the ongoing risks faced by energy infrastructure.