Oil Tanks As Trump Claims Iran Is Standing Down

Oil prices fell on Wednesday afternoon after US President Donald Trump announced that Iran was backing off its retaliatory stance, and was, as the US President put it, “standing down”. Oil prices were trading sharply down following Trump’s announcement. WTI, which had spiked to over $65 on Tuesday, had already started to fall earlier on Wednesday after President Trump sent a reassuring tweet that all was well. But prices fell continued to fall, and started to plummet well below pre-spike levels. WTI was trading hands at $59.45…