Asian Market Early Oil Price Drop Due to Possible US Lift of Sanctions on Iranian Oil Imports

Oil prices fell in early trading. Near-month West Texas Intermediate crude oil futures fell by 1.6% to $94.64 per barrel, while near-month Brent crude oil futures fell by 2.0% to $106.46 per barrel. Treasury Secretary Benson stated that the United States may lift sanctions on Iranian oil that is already at sea in the coming days to ease the pressure of rising prices during the Middle East conflict. Meanwhile, when asked about deploying troops to Iran, President Trump said, "We are not sending troops anywhere." Senior economist and senior currency strategist Kristina Clifton of the Commonwealth Bank of Australia stated in a report that Trump and Benson's reassuring remarks helped lower oil prices.