Oil Prices Tumble As Geopolitical Tensons Ease

Oil prices fell for the first time in six days on Thursday amid easing geopolitical tensions.

Benchmark Brent crude futures fell nearly 3 percent to $64.53 a barrel while WTI crude futures were down 3.1 percent at $60.12.

Fears of an imminent U.S. action against Iran ebbed as U.S. President Donald Trump appeared to soften rhetoric against Iran.

Trump said he had received information “on good authority” that Iran has stayed fast trials and executions of protesters, signaling he may hold off on attacking the country for now.

Iran, however, has pushed back, threatening to strike U.S. military bases and Israel if Washington interferes.

Meanwhile, Danish foreign minister Lars Lokke Rasmussen said that discussions at the White House with U.S. vice-president J.D. Vance and secretary of state Marco Rubio were “frank but constructive”, stressing that any proposal undermining Danish sovereignty or Greenland’s right to self-determination was “totally unacceptable”.

U.S. control of Greenland is “vital” for the country’s planned Golden Dome air and missile defense system, Trump said in a social media post.

Elsewhere, the U.S. Senate on Wednesday voted against a resolution that was aimed at curbing President Trump’s authority to launch strikes on Venezuela.

Vice President JD Vance cast the tie-breaking vote on a point of order that halted the war powers resolution.