Oil Prices Drop 3% as Trump Reluctant on Iran Conflict

AI Summary

Oil prices fell on Thursday, with West Texas Intermediate futures decreasing by 3.1% to close at $93.04 per barrel, while Brent futures dropped 2.8% to settle at $95.03 per barrel. This decline occurred amid reports that President Donald Trump is hesitant to escalate military action against Iran despite ongoing clashes. A ceasefire with Iran is reportedly holding; however, there are concerns over its stability following tensions related to Israel's military actions in Lebanon. Potential congressional opposition to military engagement could influence future U.S. actions and contribute to market volatility in energy sectors.