Oil prices fell on Wednesday afternoon after US President Donald Trump announced that Iran was backing off its retaliatory stance, and was, as the US President put it, “standing down”. Oil prices were trading sharply down following Trump’s announcement. WTI, which had spiked to over $65 on Tuesday, had already started to fall earlier on Wednesday after President Trump sent a reassuring tweet that all was well. But prices fell continued to fall, and started to plummet well below pre-spike levels. WTI was trading hands at $59.45 per barrel by 1:40pm EST—a 5.18% drop on the day. The price of a Brent barrel had fallen to $65.22 at that time, a 4.47% loss on the day, and down from a high of $71.17 on Tuesday. Natural gas prices are also down on the day by 1.25%. President Trump called the Wednesday de-escalation a “very good thing for the world,” […]