Oil Price Whiplash: Trump's U Turn Sends Markets into a Spin The last few days have seen an oil price rollercoaster, with Brent crude plummeting by as much as 7. 3% and US West Texas Intermediate dropping over 5%.
The reason behind this sudden drop is Donald Trump's cancellation of planned strikes on Iran and his claim that peace talks are about to resume.
Initially, markets responded positively to the news, with European shares rising and US stock futures pointing to a higher open. However, the implications of this U turn go far beyond the oil price.