- WTI futures for September delivery fell 4.5% to $80.89 a barrel, while Brent crude futures for October delivery dropped 4.4% to $84.10.
- The market reaction followed Trump's announcement that he halted a planned U.S. assault on Iran and paused fighting.
- Iranian officials responded cautiously, with its acting defense minister calling Trump's statements part of a psychological warfare campaign and saying Tehran would treat every threat seriously.
Quotes
“We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to”
“Although the enemy’s recent statements are part of a psychological and cognitive warfare campaign, we consider every threat to be real and take it seriously”