Oil Price Slides to $86 as Trump Says Gulf Allies Back Iran Blockade
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Oil prices fell to $86 a barrel after President Trump said Gulf allies favor maintaining the blockade on Iran over military strikes. The remark shifted trader expectations, pulling crude lower as markets priced in a prolonged standoff rather than an escalation into direct conflict. The move matters because Gulf producers' preference for the blockade reduces the perceived risk of supply disruption from the region. Traders will watch whether the $86 level holds and whether further comments from Washington or Gulf capitals signal any change in the blockade stance.
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Named in this story
Donald Trump, Oil (OIL), Iran, Gulf allies
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