Oil markets rose Tuesday after President Donald Trump permitted China to buy Iranian oil despite previous sanctions, with crude prices dropping amid reduced concerns about the Strait of Hormuz.
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PresidentDonaldTrumpclearedChinatopurchaseIranianoilonTuesday,eliminatinglongstandingsanctionslimitingthetraderelationship.
TrumpannouncedthemoveinasocialmediapostwhileflyingtoEuropeonAirForceOne,addingthathehopesChinawillalsopurchase“plenty”ofoilfromtheU.S.
“ChinacannowcontinuetopurchaseOilfromIran.Hopefully,theywillbepurchasingplentyfromtheU.S.,also.ItwasmyGreatHonortomakethishappen!”Trumpwrote.
OilpricescontinuedtodropandmarketssurgedTuesdayasTrumpbatteredIranandIsraelintoacceptingaprecariousceasefireagreement.TheagreementhascurbedconcernsthatIranwouldshutdowntheStraitofHormuz,akeytraderouteforshippingoilacrosstheglobe.
EXXONMOBILCEOTALKSOILSUPPLYAMIDIRAN-ISRAELCONFLICT
Crudehit$65perbarrelinextendedtradingafterWestTexasIntermediatecrudefuturesfellmorethan8%toabout$67perbarrelonMondayaftern
