00:00All prices plunked by more than 11% on Tuesday, the steepest percentage drop of any session since 2022,
00:08a day after U.S. President Donald Trump predicted a quick end to the war with Iran that has disrupted
00:14global crude flows.
00:16Brand futures fell $11.16, or 11%, to settle at $87.80 a barrel.
00:24U.S.-West Texas Intermediate WTI crude settled at $83.45 a barrel, down $11.32, or 11.9%.
00:36Both benchmarks locked the biggest single-day percentage loss since March 2022 after rocketing to four-year highs a day
00:44earlier.
00:45Prices temporarily sank lower in midday trade after U.S. Energy Secretary Chris Wright wrote on X
00:51that the American military had facilitated a shipment of oil out of the Strait of Hormuz.
00:56Trump Republicans will soon be campaigning to retain control of U.S. Congress in November midterm elections,
01:02with many voters worried about rising energy prices.
01:06On Monday, both crude benchmarks surged to a session high above $119 a barrel,
01:11their highest since June 2022, as supply cuts by Saudi Arabia and other producers took fears of major disruptions to
01:18global supplies.
01:19Prices settled with more modest gains on Monday, then retreated in late trade and into Tuesday,
01:25after Trump and Russian President Vladimir Putin had a call and shared proposals aimed at a quick settlement to the
01:31war,
01:32according to a Kremlin aide.
01:34In addition, Trump said on Monday in a CBS News interview that he thought the war against Iran was very
01:40complete
01:41and Washington was very far ahead of his initial four-to-five-week estimated time frame.
01:46Brent oil prices are set to trade above $95 a barrel over the next two months as the Iran war
01:52disrupt supplies
01:53before falling to around $70 by the end of the year, the Energy Information Administration said in a monthly report.
01:59We'll see you next time.
01:59We'll see you next time.
01:59We'll see you next time.
02:00We'll see you next time.
02:02We'll see you next time.
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