Trump Has Turned Oil Prices Downward

What happened?

Oil prices fell on Thursday, June 19, amid uncertain signals from U.S. President Donald Trump regarding Washington's potential intervention in the Israeli-Iranian conflict and the Federal Reserve (Fed) keeping discount rates unchanged, Reuters reported.

Brent crude futures fell 20 cents to $76.5 a barrel after rising in the previous session.

American West Texas Intermediate crude fell 4 cents to $75.10 a barrel.

On June 18, Trump told reporters that he may or may not decide whether the United States would join Israel in its attacks on Iran.

According to analysts, Washington's direct intervention would widen the conflict, increasing the risk of an attack on the region's energy infrastructure. In addition, market participants are still concerned about possible disruptions to oil supplies through the Iranian-controlled Strait of Hormuz, an important artery that carries 19 million crude and refined products a day.

I IG market analyst Tony Sycamore said there is a "healthy risk premium" factored into the price as traders await whether the next stage of the Israeli-Iranian conflict will be a U.S. strike or peace talks.

Senior analyst at Phillip Nova Priyanka Sachdeva added that given the unpredictability of Donald Trump's policies, "the market is expecting firmer signals that could affect the supply and demand of black gold."

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