Oil prices fall to lowest since August as Trump says Iran war is ‘effectively over’

AI desk brief

Brent fell nearly 3% to $89.66 on Tuesday, its lowest since 31 August, after an almost 6% decline on Monday as Trump described the Iran war as “effectively over” and downplayed further military action. Easing tensions could reduce gold’s safe-haven appeal, although Trump retained the option of military action. Capital.com analyst Daniela Hathorn said lower energy prices could ease inflation expectations, but the Fed would need broader disinflation before reconsidering policy. October US inflation data were due later that day; the implications for gold would depend on the resulting policy and real-yield outlook, not oil alone.