Faisal Islam: Trump comments may have eased oil price surge, but havoc remains
It has been the most volatile day of oil trading in world history, and there is much still to play out.
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Notable Quotes
"the best way to help consumers would be a de-escalation of military tensions."
— Donald Trump , Politician
"the best way to help consumers would be a de-escalation of military tensions."
— Donald Trump , Politician
"I thought the war against Iran was 'very complete' and Washington was 'very far ahead' of my initial four- to five-week estimated timeframe."
— Donald Trump , Politician
"Clearly Trump’s comments about a short-lived war have calmed markets."
— Suvro Sarkar , Executive
"Once traders sensed that supply routes could still be maintained, the initial 'panic premium' that had pushed prices above the $100 mark yesterday started to fade, and oil prices quickly pulled back."
— Priyanka Sachdeva , Other
Key People
Former president of the United States known for his aggressive economic policies.
Priyanka Sachdeva is a senior market analyst at Phillip Nova.
Suvro Sarkar is the energy sector team lead at DBS Bank.
Vladimir Putin is the President of Russia.
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It has been the most volatile day of oil trading in world history, and there is much still to play out.
As the oil price spiralled to $115 (£86) a barrel, word emerged of an emergency meeting of the G7 finance ministers. Reports suggested there could be a 300 million barrel release of emergency stockpiles coordinated by the International Energy Agency.
The escalating conflict in West Asia has become a significant economic hazard, with energy central to the global economy's functioning. World leaders convened an emergency meeting of the Group of 7 countries, where finance ministers considered tapping their national stores of oil to increase available supply.
Oil prices fell after hitting an over three-year high as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
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