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Commodities

Trump's Iran Pause Sends Oil Prices Plummeting

Guavy AI Editorial Team
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Oil
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Oil prices plummeted after US President Donald Trump announced he was suspending planned military strikes against Iran and restarting diplomatic talks to reopen the Strait of Hormuz. The Brent crude oil price fell below $84 a barrel, while U.S. crude dropped under $79 per barrel.

The 7.3% decline in Brent crude was one of the sharpest single-move retreats since tensions in the region intensified earlier this year.

Trump's decision to pause military strikes and engage in renewed diplomacy gave markets a reason to price out some of the war risk that had been driving crude higher for weeks.

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