Oil prices are dropping on Monday after President Trump suspended plans to strike Iran’s energy infrastructure for five days following “very good and productive conversations” between the two sides.
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Forget margin or options. Here's how the pros trade QQQBrent crude futures (BZ), the international benchmark for oil, are down 8%, while West Texas Intermediate (WTI) futures (CL), the U.S. benchmark, are down 9%.
Iran Denies Peace Talks as Oil Slips
Over the weekend, Trump threatened to attack Iran’s power plants within 48 hours unless the Strait of Hormuz was reopened. Traffic through the passageway remains down by over 90% since the start of the war, although Iran has said that it is open to all vessels except for those linked to the U.S.
Iran’s Foreign Ministry disputed Trump’s claim of peace developments, saying that “no negotiations with Trump are taking place.” Sources familiar with the situation told Axios that Turkey, Egypt, and Pakistan have been acting as intermediaries between the two sides over the past two days.