Global oil prices drop as Trump signals possible end to U.S.–Iran conflict

Global crude oil prices recorded their first decline in nearly two weeks on Tuesday following signals from the President of the United States, Donald Trump, suggesting that the ongoing conflict involving Iran, the United States and Israel could soon be coming to an end.

Market data showed that the international benchmark, Brent Crude, fell to $91.11 per barrel, while the U.S. benchmark, West Texas Intermediate, declined to $86.93 per barrel after both had traded close to $100 per barrel during the peak of the geopolitical tension.

The drop in prices followed comments by Trump during an interview with CBN News on Monday, where he hinted that the military confrontation with Iran might soon wind down.

“I think the war is very complete, pretty much,” Trump said during the interview, adding that the United States was “very far ahead of schedule.”

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His remarks immediately triggered reactions in the global oil market, with West Texas Intermediate slipping below the $90-per-barrel mark on Monday as traders began to factor in the possibility of easing geopolitical tensions.

The decline comes after nearly ten days of steady increases in crude prices, which had surged from about $67 per barrel amid escalating hostilities in the Middle East. The conflict had raised fears of supply disruptions, particularly around the strategic Strait of Hormuz, a vital maritime corridor through which a significant portion of the world’s oil supply passes.

The tensions had also disrupted refining operations in key oil-producing countries, including Saudi Arabia and Qatar, where some refineries were reportedly shut down during the escalation, further fueling the spike in global crude prices.

Analysts say the latest drop reflects market sensitivity to geopolitical signals, noting that any confirmation of de-escalation in the region could lead to further price corrections in the coming days. However, they warn that oil markets remain volatile and could quickly react if tensions resurface around the critical Middle Eastern energy corridor.