WASHINGTON, United States
Oil prices dipped on Monday after President Trump signaled that the conflict in Iran could come to a close soon.
Trump, on Monday, told CBS News that the war in Iran was “very complete, pretty much.”
In the aftermath, prices of international benchmark Brent crude dipped below $90 per barrel.
On Tuesday morning, it was around $92, down from just under $100 per barrel earlier Monday afternoon.
That’s still significantly higher than before the conflict, when oil was trading at around $70 per barrel.
The national average cost for gasoline is about $3.54 per gallon, up from $3.48 on Monday.
Trump during a press conference later on Monday said the war would not end with in days, but said it would be over “very soon.”
Iran is located near the Strait of Hormuz, through which about a fifth of the world’s oil flows.
The conflict has halted oil shipping in the region as Iran threatens to attack any vessels that move through the strait.
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