Oil Prices Plummet as Trump Predicts Quick End to Iraq War

U.S. President Donald Trump has predicted that the war in Iraq will conclude within two to three weeks, leading to a significant drop in oil prices. According to Jin10, this development has eased market concerns about the ongoing conflict. As a result, UK and European government bonds have surged, with yields falling across the board. Yields on French, Italian, and UK bonds have decreased by 10 basis points or more. Germany's 10-year benchmark bond yield fell by 6 basis points to 2.94%, marking its lowest level since March 18. ING strategists, including Benjamin Schroeder, noted in a report that the market is closely watching whether the communication signals from both sides of the conflict will lead to a tangible de-escalation. However, the speed at which energy supplies can fully recover remains uncertain due to the damage already inflicted.