Oil Prices Slip as Trump Deems Fresh Strikes on Iran Highly Unlikely

Crude oil prices fell in Monday trading after U.S. President Donald Trump stated that fresh military strikes on Iran are "highly unlikely" while diplomatic negotiations progress. Brent crude declined as much as 0.75% to $97.58 a barrel after dropping over 16% the previous week, while WTI slipped to $90.51 a barrel. The remarks prompted traders to trim geopolitical risk premiums tied to a nine-month standoff. However, regional tensions persist as Washington initiated Task Force Iron Gate to curb Iranian weapons trade, alongside reports of targeted commercial shipping near the Strait of Hormuz.