Oil prices were under pressure following Trump’s original announcement, but then started to climb after Iran made clear that it would attack any forces that approached the Strait. Then, after Trump’s latest social media announcement, prices began to deflate, even though there have been no concrete steps towards a peace agreement.
Instead, U.S. Secretary of State Marco Rubio asked the United Nations to intervene and “call on Iran to stop blowing up ships, remove the mines, and allow humanitarian relief. If the international community can’t rally behind this and solve something so straightforward, then I don’t know what the utility of the UN system is.”
By Irina Slav for Oilprice.com
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