Brent Crude Falls to $93.70 as Trump Says Extensive Strikes Unlikely

Brent crude dropped $4.60 to $93.70 a barrel, reaching its lowest level since September, amid renewed hopes of easing tensions after President Donald Trump made a conditional statement about military action against Iran.

Trump said over the weekend that extensive U.S. strikes on Iran were unlikely if Tehran signed what he called a “very strong agreement.”

U.S. stocks recovered from last week’s post-election decline. After falling 4.4% in one session, the S&P 500 gained 3%, returning to its level before Nov. 4. The Nasdaq rose 5% over two sessions, while the Philadelphia Semiconductor Index gained more than 11%.

Federal Reserve speakers pointed to persistent core CPI inflation, particularly in services, as support for future rate increases. Their remarks added to a more hawkish tone among policymakers.

Political opposition also remains a challenge for U.S. data-center projects. The Democratic midterm victory added to the hurdles, and some Republican lawmakers have also opposed the projects. Communities remain reluctant to welcome data-center projects without clear assurances of benefits.