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Evening Standard
Evening Standard
Business
Holly Williams

Oil prices retreat and markets pull out of nosedive on US-Iran talk hopes

Donald Trump United States Iran Oil PA Graphics Strait of Hormuz
Oil prices have rocketed above 100 US dollars a barrel for the first time in nearly four years as the escalating conflict in Iran sparks a mounting crude supply crisis. (Alamy/PA) -

Oil prices have eased back and financial markets pulled out of their tailspin after President Donald Trump said the US would pause strikes against Iran energy and power infrastructure for five days amid talks to end the conflict.

Brent crude swiftly fell as much as 10% following the post on Mr Trump’s Truth Social platform, to settle at around 101 US dollars a barrel by late afternoon.

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