Oil Prices Drop After Trump Signals Possible End to Iran War Tensions

Washington: Global oil prices began to decline after Donald Trump signaled that tensions with Iran could ease soon and that a war was not expected this week.

Following the remarks, international crude oil prices dropped sharply by up to 17% in global markets. The price of Brent Crude fell to around $83 per barrel, while West Texas Intermediate (WTI) declined to approximately $78 per barrel.

Just a day earlier, Brent crude had traded above $119 per barrel, while U.S. crude oil reached around $119.50 per barrel.

Market analysts say the sudden drop came after President Trump indicated that a conflict with Iran was unlikely to occur this week and suggested that the ongoing tensions could end soon. The comments eased fears of a potential disruption in global oil supply, leading to a sharp decline in prices across international markets.