International oil prices plummeted by more than 5%. The key behind this is Trump’s words

International oil prices fell on Monday (9th). (Bloomberg)

[Financial Channel/Comprehensive Report] After U.S. President Trump downplayed the possibility of another U.S. attack on Iran, international oil prices fell on Monday (9th). Brent crude oil continued to fall sharply after settlement, with the decline widening to more than $7 per barrel, hitting the lowest price since the end of August.

The settlement price of Brent crude oil futures fell by US$5.75, or 5.85%, to US$92.57 per barrel. After settlement, oil prices continued to fall, with the latest decline exceeding US$7 per barrel.

The settlement price of US West Texas Intermediate crude oil (WTI) futures in New York fell by US$3.98, or 4.38%, to US$86.85 per barrel. U.S. crude oil futures also continued lower after settlement, with their latest losses exceeding $5 a barrel in after-hours trading.

Trump said on Sunday (8th) that as long as negotiations continue to make progress, he is extremely unlikely to order a new round of attacks on Iran. However, both Iran and the United States said ships were attacked in or near the Strait of Hormuz. "Even if the actual fighting does not slow down, it seems that the prospect of peace is encouraging sellers to enter the market," analysts at TACenergy said in a note.

Trump hinted last week that he might resume attacks on Iran, and Tehran vowed to respond by attacking U.S. and Israeli targets. However, there are currently no signs that the United States will launch large-scale military operations.

A senior Iranian security official told Iranian state media that Tehran has no plans to negotiate unless Washington takes real action to fulfill the seven conditions listed in the June interim agreement.

Trump will meet with Qatar's Prime Minister on Monday. Qatar has been playing the role of mediator, but senior officials in the United States and Persian Gulf countries have expressed doubts that a quick agreement can be reached.