London —
Oil prices fell sharply Tuesday after US President Donald Trump said the war with Iran would be over “very soon,” though they remain volatile and well above their levels before the conflict started.
Also on Tuesday, the world’s biggest oil exporter, Saudi Aramco, warned of the war’s potentially “catastrophic consequences” for oil markets if flows don’t resume through the vital Strait of Hormuz.
Brent crude, the global oil benchmark, slid 7% to trade at $91.8 a barrel. WTI, the US benchmark, fell more than 6% to around $88.6 a barrel. Those