Oil prices are retreating after three consecutive sessions of gains, following comments by United States President Donald Trump indicating that the latest military incursion in the Middle East will end soon, with US officials signalling that energy flows through the Strait of Hormuz remain robust.
Brent crude, the European benchmark, fell 1.21% to US$94.46 per barrel in morning trading, having risen more than 8% over the past three weeks. West Texas Intermediate (WTI), the US benchmark, declined 1.09% to US$90.02 per barrel, while natural gas traded in Amsterdam slipped 0.93% to €72.96 per megawatt-hour.
When asked how long the latest round of strikes against Iran is expected to last, Trump said: “I don’t think for very long.” He nonetheless added that the United States is “prepared to do another” incursion should Tehran continue to respond to US offensives.
“The latest escalation should keep the market supported; however, it is important to keep in mind that both the US and Iran are looking for off-ramps in this situation,” Dennis Kissler, senior vice-president of trading at BOK Financial Securities, told Bloomberg. “More peace negotiations could send prices lower quickly,” he added.
According to CNN, citing two sources familiar with the matter, US armed forces are stepping up escort operations through the Strait of Hormuz. On Tuesday, approximately 18 million barrels of crude transited the waterway, with around 40 vessels escorted. That figure is broadly in line with data cited by US Treasury Secretary Scott Bessent for the previous day, when some 17 million barrels passed through the strait.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/03/commodities-3/petroleo-em-queda-apos-trump-indicar-que-ataques-no-irao-vao-parar-em-breve/
