Oil Prices Slip as Trump Deems Fresh Strikes on Iran Highly Unlikely

Global crude prices slipped at Monday's market open after U.S. President Donald Trump described fresh military strikes against Iran as "highly unlikely" while diplomatic negotiations progress. Brent crude fell as much as 0.75% to $97.58 a barrel, having dropped 64 cents to $97.67 earlier, extending a steep decline of over 16% from the preceding week. U.S. West Texas Intermediate dropped 35 cents, or 0.40%, to $90.51 a barrel. The price pullback reflects the easing of immediate supply disruption fears, though regional risks persist as the U.S. launched "Task Force Iron Gate" and commercial shipping faced disruptions near the Strait of Hormuz.