- US will end $4 billion annual military aid to Israel after December 2026
- Trump said Israel is financially strong enough to manage without US aid
- Israeli PM Netanyahu agreed to stop receiving US military aid by year-end
US President Donald Trump has said Washington will stop providing its annual military aid of around $4 billion to Israel after December 2026, arguing that the country has become financially strong enough to manage without American assistance.
Speaking to Fox News on Tuesday, Trump said Israeli Prime Minister Benjamin Netanyahu had agreed to not receive aid by the year-end. He also indicated that the US could still provide assistance if Israel needed support.
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The announcement marks a potential shift in the longstanding US-Israel military funding arrangement.
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Following Trump's remarks, Brent crude futures were trading at $102.12 per barrel, down $2.65 or 2.53%, according to market data at 7:11 p.m. IST on Nov. 3. The contract touched an intraday low of $101.41.
However, the decline reflects broader developments in the oil market, particularly expectations of progress in US-Iran negotiations and a possible easing of supply disruptions in the Middle East.
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US-Iran Negotiations Remain Key To Oil Prices
Crude markets have closely tracked developments in the US-Iran conflict, particularly the possibility of reopening the Strait of Hormuz, a critical route for global oil shipments.
Diplomatic discussions involving Iran and regional countries have raised hopes of a possible agreement to ease tensions and restore shipping through the waterway. However, disagreements over sanctions, security and Iran's nuclear programme continue to complicate negotiations.
Brent crude had already fallen more than 7% on Monday amid expectations of progress in diplomatic efforts. The latest decline reflects continued market sensitivity to developments that could affect global oil supplies.
For India, a sustained fall in crude prices could ease the import bill, inflationary pressure and currency risks. However, any fresh escalation in the Middle East could quickly reverse the recent decline.
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