Energy prices down as US cancels attacks on Iran

Energy prices declined on Thursday following US President Donald Trump's announcement to cancel Iran strikes as Iran agreed to move talks "to the highest level" of its leadership.

Brent futures, traded for above $90 for around a month, decreased to below $90 level, down 3.8% day-by-day as of 1745GMT.

West Texas Intermediate (WTI) prices decreased by 3.6% to $86 per barrel.

Heating oil prices declined by 4% to $3.5 per gallon while TTF, benchmark index for European gas prices, dropped by 1.9% to €49 per megawatt/hour.

Trump said on US based social media platform Truth: “Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening.”

He also said discussions and final points have been, in both concept and great detail, approved by all parties involved, including the US, Israel, Saudi Arabia, UAE, Qatar, Türkiye, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.

"The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly," he added.

Previously, Trump said the US "will be hitting Iran ... very hard tonight" for Thursday, adding that he plans to seize control of Iran's primary oil export facility at Kharg Island.