Global Oil Prices Plummet 5% After Trump Authorizes Iranian Exports to China
Oil prices plummet 5% after Trump allows China to resume Iranian crude imports. Brent at $67.88, WTI at $65 as markets react to potential supply boost. Policy shift follows Middle East ceasefire, signaling eased tensions and increased global oil flow.
By Ahora Qadi
ERBIL (Kurdistan24) – Global oil markets witnessed a sharp decline on Tuesday, with prices falling by 5%, following U.S. President Donald Trump’s decision to allow China to resume purchasing crude oil from Iran.
As of Tuesday, the price of Brent crude dropped to $67.88 per barrel, while U.S. West Texas Intermediate (WTI) crude fell to $65.00 per barrel—both marking significant drops in international benchmarks.
The market downturn came in response to Trump’s recent policy shift, which opened the door for Beijing to legally import Iranian oil. In his accompanying remarks, Trump also expressed hope that China would simultaneously increase its purchases of American oil.
This move comes amid a broader recalibration of U.S. foreign energy policy following the recent military and diplomatic developments in the Middle East, including the ceasefire between Iran and Israel. Industry analysts say the price drop reflects expectations of increased global supply, particularly from Iran’s long-constrained oil sector, as geopolitical tensions temporarily ease.
