Oil Prices Drop 7% as Trump Signals Possible End to Middle East Conflict
Oil prices fell sharply by 7% on Tuesday, retreating from a more than three-year high after U.S. President Donald Trump suggested that the Middle East war could end soon, easing fears of prolonged disruptions to global oil supplies.
Brent crude dropped $6.79, or 6.9%, to $92.17 per barrel, while U.S. West Texas Intermediate (WTI) slid $6.55, or 6.9%, to $88.22 per barrel. Both benchmarks briefly fell as much as 11% before moderating losses. Oil had surged past $100 per barrel on Monday, its highest since mid-2022, fueled by supply cuts from Saudi Arabia and concerns over U.S.-Israeli military actions against Iran.
