Stocks climb and oil slides on hopes that Israel-Iran truce will hold
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More news: Oil prices fell on Tuesday, extending Monday’s slide, after Trump said that China can keep purchasing Iranian oil.
Posting on Truth Social, Trump said: “China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!”
Brent futures fell nearly 5% to about US$67 ($102.9) a barrel, while the benchmark West Texas Intermediate shed 5% to around US$65.
Stocks are rising on Wall Street, with the S&P 500 climbing 0.8% and the Nasdaq gaining 1.1% in early trading.
Israel strikes Iran despite Trump order to refrain
The news: Israel confirmed that it carried out strikes near Tehran on Tuesday despite US President Donald Trump’s warning not to retaliate against a reported breach of a ceasefire by Iran.
The context: Israeli Prime Minister Benjamin Netanyahu’s office said that Israeli forces carried out strikes on a radar station near Tehran but would not launch any more assaults.
The strikes took place shortly after Trump told Israel to refrain from attacking Iran after he accused both sides of violating a US-brokered truce.
Writing on his Truth Social platform, Trump said: “ISRAEL. DO NOT DROP THOSE BOMBS. IF YOU DO IT IS A MAJOR VIOLATION. BRING YOUR PILOTS HOME, NOW!”
A White House official said that Trump then spoked with Netanyahu, telling him to call back Israeli planes headed to Iran, “And they did, which I respect very greatly, so nobody was killed,” he said while on Air Force One.
Trump added via Truth Social that “ISRAEL is not going to attack Iran. All planes will turn around and head home, while doing a friendly “Plane Wave” to Iran. Nobody will be hurt, the Ceasefire is in effect!” and that “IRAN WILL NEVER REBUILD THEIR NUCLEAR FACILITIES!”
In earlier comments made to reporters at the White House, before flying to The Hague to attend the NATO Summit, Trump added that the two countries “don’t know what the f*ck they’re doing”.
Trump is currently en route from the US to The Hague to attend the NATO Summit, where European defence spending and the Middle East conflict are set to dominate discussions. Albanese had hoped to speak with Trump at the Summit after a scheduled meeting at the G7 was scrapped, but this was ruled out last week.
Looking ahead to the NATO Summit, on Tuesday afternoon Trump said he was “Heading to NATO where, at worst, it will be a much calmer period than what I just went through with Israel and Iran. I look forward to seeing all of my very good European friends, and others.”
The sources: Office of Benjamin Netanyahu, Trump Truth Social, Reuters, FT, WSJ
