Oil prices fell to a 10-week low after Donald Trump indicated that the United States was unlikely to renew military actions against Iran. His comments reduced perceived geopolitical risk in the oil markets. Brent crude traded between $96.67 and $97.57 per barrel, while West Texas Intermediate stood between $89.87 and $90.45. Brent crude declined by 16% over the previous week, and the probability of crude oil reaching a new all-time high by December 31 is priced at 5.5%. Investors will monitor statements from U.S. and Iranian officials, OPEC production decisions, and developments concerning the Strait of Hormuz.
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