The oil prices fell by almost 30 per cent after US President Donald Trump predicted the war in the Middle East could end soon. Pics/AFP and Text/AFP and IANS
Crude oil futures in the commodity market on Tuesday traded at USD 87.94 per barrel, down more than 7 per cent. However, they touched an intraday low of USD 84.43, down 29.33 per cent from the all-time high of USD 119.48
Earlier on Monday, oil prices had climbed past USD 100 a barrel as the conflict involving Iran disrupted energy flows through the Strait of Hormuz and rattled global markets
Oil prices declined after Trump also stated that the American campaign against Iran would conclude "very soon", describing victory as the point when Tehran no longer can develop weapons that could threaten the United States, Israel, or their allies
Bahrain's sprawling Al Ma'ameer oil facility was hit, causing a fire and damage, with the country's state-owned energy firm Bapco declaring force majeure -- the latest Gulf producer to activate the legal clause
Energy producers in Qatar and Kuwait earlier made similar declarations, which are a warning that events beyond their control may lead them to miss export targets
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