Global Oil Prices Plunge as U.S.-Iran Tensions Ease Temporarily

London: Global crude oil prices recorded a sharp decline after a temporary pause in tensions between the United States and Iran, marking the largest single-day drop since April 8 this year.

According to international media reports, Brent crude fell 11.3%, closing at $85.87 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped nearly 7% to settle at $82.61 per barrel.

The decline came after a temporary halt in military actions between Washington and Tehran, easing investor concerns over potential disruptions to global oil supplies.

Meanwhile, U.S. President Donald Trump said Washington had suspended military strikes against Iran following a request from the Iranian government. However, he warned that the United States could resume military action if a new ceasefire agreement is not reached.

Analysts said the easing of geopolitical tensions helped calm energy markets, reducing fears of supply shortages that had previously driven oil prices higher.