LONDON: Global oil prices fell by more than 5% after US President Donald Trump announced a pause in military strikes against Iran, easing concerns over potential disruptions to global crude supplies.
According to Reuters, the announcement followed nearly two weeks of US military operations targeting Iran and prompted investors to scale back fears of a broader regional conflict affecting energy markets.
Brent crude dropped $5.58, or 5.77%, to $91.20 per barrel, while U.S. West Texas Intermediate (WTI) crude fell $4.91, or 5.50%, to $84.40 per barrel.
Market analysts said expectations of reduced tensions between the United States and Iran, along with hopes for a diplomatic resolution, helped ease concerns over oil supply disruptions, leading to the sharp decline in prices.
US media reported that Trump ordered a halt to military operations after 13 days of strikes. It remains unclear whether the pause is temporary or marks the beginning of a broader ceasefire.
