Oil prices fall to lowest since August as Trump says Iran war is ‘effectively over’
Summary
Oil prices fell to their lowest level since late August after U.S. President Donald Trump said the war on Iran was “effectively over” and played down the need for immediate military action. European stocks and airline shares rose, while BP and Shell shares fell; investors were also watching U.S. inflation data for clues about interest rates.Key Facts
- Brent crude fell nearly 3% to $89.66 a barrel on Tuesday, its lowest price since August 31.
- Oil prices had dropped nearly 6% on Monday amid signs the conflict might be nearing an end.
- The Stoxx 600 rose 0.9% to 662.54, near its record high.
- The FTSE 100 gained 45 points, or 0.4%, to 10,828.
- Lufthansa shares rose 1.8% and Air France-KLM shares gained 1.2% amid hopes that lower oil prices could reduce fuel costs.
- BP shares fell 1.7% and Shell shares dropped 1.5%.
- The article said U.S. October inflation data was due at 1:30 p.m. GMT on Tuesday.
- The AA said average UK petrol prices had fallen 5p per litre since early October to 169.7p, and wholesale prices suggested a further 10p reduction could follow.
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