Crude oil prices were down Thursday having lost gains recorded in the previous sessions after U.S. President Donald Trump’s comments to calm tensions in the Middle East.
“Iran appears to be standing down, which is a good thing for all parties concerned,” Trump said Wednesday amid Iran’s attack on two locations in Iraq earlier in the day.
“No Americans were harmed in last night’s attack by the Iranian regime,” he added.
The President did not signal any additional U.S. military action following Wednesday’s strikes, but said his administration would impose additional “punishing” sanctions on Iran while Washington “evaluates options in response to Iranian aggression.”
With rising tensions between the U.S. and Iran, Brent crude rose to as high as $71.13 per barrel, surpassing the key threshold of $70 a barrel for the second time this week. American benchmark West Texas Intermediate (WTI) also rose to as much as $65.65 per barrel.
After Trump’s comments, Brent crude fell 3.6% to close Wednesday at $65.81 a barrel. The international benchmark was trading at $65.55 per barrel at 0700 GMT on Thursday for a 0.39% decline for the day.
WTI decreased 4.4% on Wednesday to end the session at $59.94 per barrel. It was trading at $59.72 a barrel at the same time for a 0.37% daily loss on Thursday.