Global oil prices dropped sharply after U.S. President Donald Trump said the war involving Iran could end “very soon,” easing fears of a prolonged disruption to global energy supplies as reported by BBC
Brent crude fell more than 6% to about $92 per barrel, while U.S. West Texas Intermediate dropped to around $88, reversing some of the sharp gains seen earlier when prices briefly surged above $100 a barrel during the escalating Middle East conflict.
Trump said the U.S. and its allies had already achieved significant progress in the campaign but added that “we haven’t won enough,” signaling the operation was still ongoing even as he suggested the fighting could soon wind down.
Energy markets have been highly volatile since the conflict disrupted shipping through the Strait of Hormuz, a vital route that normally carries about one-fifth of global oil supplies, raising fears of a broader energy crisis.
Analysts said prices could remain unstable as investors weigh the possibility of de-escalation against continued military activity in the region and threats to global oil shipments.
