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Crude oil prices fell more than 3% to around $88 per barrel on Tuesday after Israel and Iran agreed to halt attacks following a renewed escalation in hostilities. Israeli Prime Minister Benjamin Netanyahu said Israel would pause its strikes but warned it would respond to any further aggression from Tehran, while Iranian media reported a similar stance from Iran. President Donald Trump said this week that negotiations were entering their final stage and that a clearer outcome could emerge within days. He also stated that the US could declare “total victory” in the conflict within two weeks.
At the same time, China’s crude imports dropped to about 7.8 million barrels per day last month, the lowest level in more than eight years and nearly 4 million barrels per day below the 2025 average. Softer demand from the world’s largest oil importer, together with record US exports and releases from emergency reserves, has helped temper the conflict’s impact on prices. Oil remains above prewar levels but is still well below its recent highs.
