Global petroleum markets saw substantial declines Monday following President Donald Trump’s announcement that America would launch operations to assist vessels stuck in the critical Strait of Hormuz waterway.
Brent crude futures tumbled $1.83 per barrel, representing a 1.69% decline to reach $106.34 by 2203 GMT. Meanwhile, U.S. West Texas Intermediate crude also fell 1.69%, dropping $1.72 to trade at $100.22 per barrel.
The president indicated that American efforts to help the stranded ships would commence Monday morning, prompting the market reaction as traders assessed the potential impact on global energy supplies.
