Crude markets saw a dip right at Monday's open. The price slump came after Donald Trump indicated that fresh military action against Iran remains unlikely as long as talks to resolve the standoff keep progressing.
By 1134 GMT, Brent was down 64 cents, or 0.64%, trading at $97.67 a barrel, after briefly sliding by more than $1. Meanwhile, West Texas Intermediate (WTI) dropped 35 cents, or 0.40%, reaching $90.51 a barrel.
Tensions remain high
Even with the drop in oil prices, both sides confirmed that vessels had been hit in or around the Strait of Hormuz.
Trump had previously hinted at resuming large strikes on Iran following the US midterm elections, but no massive US military campaign has been seen. Iran, for its part, warned it would hit back at US and Israeli targets.
“It depends on whether or not they sign a very strong agreement. The answer is, highly unlikely it's going to be necessary.”US President Donald Trump to CNN
