Former U.S. President Donald Trump expressed confidence in a decrease in oil prices and assured that the campaign concerning Iran would not be prolonged. Brent and WTI crude benchmarks are nearing multi-week highs due to ongoing tensions in the Middle East, with U.S. sanctions significantly reducing Iran’s crude exports. Markets suggest Trump’s statement is consistent with a scenario of decreasing geopolitical tensions. The odds of crude oil reaching a new all-time high by September 30 have dropped from 3% to 1.8% in the past 24 hours.
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