From The Rio Times · Diego Fernández · · 1m 40s
WTI Falls 1.2% as Trump Rules Out Iran Strike
Trump's pledge to avoid Iran strikes before November midterms causes oil prices to drop.
In brief
Trump's pledge to avoid Iran strikes before November midterms causes oil prices to drop. Oil prices fell 1.2% to US$90.40 per barrel after Trump said the US would not attack Iran before the November midterms. Originally reported by The Rio Times.
Oil prices fall
West Texas Intermediate futures fell 1.2% to US$90.40 a barrel on Friday 9 October, and Brent futures fell 1.3% to US$102.91.
Trump's statement
President Donald Trump said the United States would not attack Iran before the 3 November midterm elections.
Market reaction
Petrobras shares rose 2.47% to US$25.30 in New York, while Ecopetrol was flat at US$16.94 and YPF gained 0.28% to US$50.04.
Oil fund movement
The oil fund USO rose 0.42% to US$148.20, a different move from WTI because the fund holds futures and can diverge from the spot price.
Prediction markets
Polymarket gives 66.5% to WTI touching US$95 in October and 34.5% to US$100 (US$1.56 million traded).
Latin American impact
Lower prices help importers like Chile but trim revenue for exporters such as Brazil, Colombia and Mexico.
Why prices fell
The price drop comes from a political promise, not a change in supply.
Market assessment
A pause, not an end to the risk premium, Brent still trades above US$100.
What moved it
Trump's pledge eased fears of disruption to shipping through the Strait of Hormuz.
Petrobras reaction
Petrobras shares rose in New York even as crude prices fell, suggesting investors reacted to Brazil's market record rally.
What to watch next
Iran talks, Gulf supply updates, and Petrobras shares could move further.
What it means
Oil prices fell 1.2% to US$90.40 per barrel after Trump said the US would not attack Iran before the November midterms.
