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Brent falls back below $84 after Trump changes his mind on 20% levy
The US President has just announced that he will not low impose a 20% levy on cargoes passing through the Straits of Hormuz under US protection. The reaction across the Oil markets has seen Brent crude fall back further. It was already dipping back towards $84 this afternoon, which the cynic here suggests someone might have know this could be coming.
The immediate impact has seen it fall further and trade towards $83.75. In fact, it has now fallen below that level as the whole earlier rally unwinds even more. Brent for September delivery is currently trading at $83.65
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