Global Oil Prices Drop 8% After Trump Signals Iran War May End Soon

Global oil prices fell sharply after Donald Trump signaled that the war involving Iran could end soon, easing fears in international energy markets.

Following the statement by the United States president, crude oil prices in the global market dropped by around 8 percent. Brent Crude Oil prices fell to about **$90 per barrel** after the decline. During trading, West Texas Intermediate (US crude oil) also dropped from nearly **$89 to around $87 per barrel**.

In an interview with CBS News, President Trump said he believes the war against Iran is “largely complete” and that the conflict is close to ending.

Earlier, while addressing a Republican conference, Trump also announced the easing of certain oil-related sanctions to help lower global energy prices.

A day earlier, oil prices had surged above **$119 per barrel**, raising concerns across global markets. After the surge, leaders of the Group of Seven (G7) signaled the possible use of emergency oil reserves, which helped calm the market and push prices down.

However, today’s sharper decline in oil prices came after Trump’s announcement that the conflict with Iran may soon come to an end.