Oil prices dipped on Monday after US President Donald Trump said the war against Iran was “very complete” and the G7 pledged to release oil reserves if needed to lessen the conflict’s economic blow.
Global stocks fell earlier Monday after crude first surged past $100 a barrel, but the subsequent drop shows markets are “pricing in a crisis, not a catastrophe,” an oil commentator wrote in a Semafor column.
Trump, who later walked back his comments on the war’s end, is facing pressure to address the surging costs, which are threatening to raise prices at the pump and make plane tickets more expensive.
The White House is weighing measures including restricting US crude exports and intervention in oil futures markets, Reuters reported.
