Global crude oil prices fell about 3% on Thursday following reports that US President Donald Trump was reluctant to relaunch a full-scale war against Iran. Following this, the WTI futures market fell to $92.64 per barrel while Brent fell to $94.78 per barrel.
A report from The Wall Street Journal revealed that Trump told his aides that the planned ceasefire with Iran that has been in place for several weeks is still intact. However, he is ready to end the agreement if any US troops are killed.
Previously, the market feared that the ceasefire would collapse after Tehran reportedly broke off talks with the US in protest against Israel's military attack on the Hezbollah group in Lebanon.
However, Israel and Lebanon agreed to a ceasefire on Wednesday, which is seen as a step that could revive US-Iran talks amid the geopolitical situation that remains fragile.
Meanwhile in Washington, Trump faces domestic political opposition as the House of Representatives passes a resolution urging the withdrawal of US troops or Trump must seek formal approval from Congress. However, this resolution is expected to struggle to pass the Senate and face a veto from the President.
