Oil Markets Volatile as Trump Announces Sanctions Relief
Crude oil prices swung dramatically from near $120 to below $90 per barrel after Trump said some sanctions would be lifted on oil producers amid tensions with Iran.
In a surprising move, President Trump announced that the United States would be lifting some economic sanctions on oil producers in an effort to ease the burden of rising crude oil prices and bring more supply to the global market. This decision comes amidst heightened tensions between the U.S. and Iran, as the two countries have been engaged in a war of words and military posturing in recent months.
The announcement led to a dramatic swing in oil prices, which plunged below $90 a barrel after earlier surging to nearly $120 over the past 24 hours. This volatility in the energy markets reflects the significant uncertainty and geopolitical factors influencing the global supply and demand of crude oil.
{{IMAGE_PLACEHOLDER}}Source: Al Jazeera
