What happened
Oil prices have stabilized following a statement from President Trump. The president indicated that he does not plan to launch strikes against Iran before the upcoming US midterm elections.
Despite this, traders remain cautious due to ongoing risks to shipping in the Persian Gulf. Additionally, oil production in the Gulf of Mexico has been significantly disrupted.
These factors have contributed to a slight increase in oil prices as traders weigh the potential impact of these events on the global oil market.
