US Diplomats Return to Middle East as Oil Prices Slide

Oil prices plummeted more than 3% on Tuesday after reports emerged that the US plans to return evacuated diplomats to the Middle East, signaling a reduced risk of full-scale war.

Brent crude oil futures fell 3.4% to trade at $89.05 per barrel, its lowest since August 13th, while U.S. West Texas Intermediate crude dropped 3.6% to around $81.99 a barrel.

The US has been exerting economic pressure on Iran, imposing fresh sanctions and labeling the effort an 'economic D-Day'. Treasury Secretary Scott Bessent described it as 'the single greatest financial offensive ever', while Defense Secretary Pete Hegseth warned that kinetic strikes remain an option if needed.