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

Brent crude drops below $90 and markets climb after president downplays prospect of further strikes

Oil prices have fallen to the lowest level since late August while stock markets climbed higher, as markets reacted with relief to Donald Trump saying that the war on Iran is “effectively over”.

Brent crude, the global oil benchmark, fell nearly 3% to $89.66, the lowest since 31 August, on Tuesday morning, after the US president downplayed the need for military action against Iran “at this point”. The fall came after a near 6% drop on Monday on signs that the conflict might be nearing an end.