Oil futures fall on easing geopolitical tensions, including President Trump’s comments on Iran and the Russia-Ukraine peace effort.
“In one fell swoop, the president gave the impression an attack on Iran is less likely, the Russian war in Ukraine is close to a cease-fire, and the U.S. is not going to attack Greenland or impose new tariffs on European countries,” Mizuho’s Robert Yawger says in a note.
Prices fell further after the EIA reported a 3.6 million barrel build in U.S. crude stocks, along with increases in gasoline and diesel inventories.