Oil prices down with lost gains after Trump's comments

Oil prices down with lost gains after Trump's comments

ANKARA-Anadolu Agency
Oil prices down with lost gains after Trumps comments

Crude oil prices were down on Jan. 8 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 on Jan. 8 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 the 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 percent to close on Jan. 8 at $65.81 a barrel. The international benchmark was trading at $65.55 per barrel at 07:00 GMT on Jan. 9 for a 0.39 percent decline for the day.

WTI decreased 4.4 percent on Jan. 8 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 percent daily loss on Jan. 9.