Trump: China Can Continue To Buy Oil From Iran - Markets React

The United States President Donald Trump on Tuesday said in a post on Truth Social that China can continue to buy Iranian oil.

What Did Donald Trump Say?

In a big relief for Tehran from the sanctions that Washington had previously imposed on them to punish the trade, Trump wrote on Truth Social, "China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the US, also."

The US President was traveling to a NATO summit in The Hague.

Background

This move comes at the heels of the US President's decision to help broker the ceasefire between Israel and Iran.

According to a Reuters report, Brent crude futures were down $3.52, or 4.92%, at $67.96 a barrel by 1322 GMT. U.S. West Texas Intermediate crude fell $3.42, also 4.99%, to $65.09.

Both of these contracts lost as much as 5% in early trade after Trump announced a ceasefire agreement between Israel and Iran.

Donald Trump also accused both of these countries of violating the ceasefire hours after he announced it, while expressing particular frustration with Israel.

"I didn't like the fact that Israel unloaded right after we made the deal. They didn't have to unload and I didn't like the fact that the retaliation was very strong," Trump told reporters on Tuesday.

The prices also fell after Trump posted on Truth Social that China can continue to purchase oil from Iran.

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