Oil Prices Drop Over 4% After Trump Cancels Planned Strike on Iran
Oil prices fell over 4% after U.S. President Donald Trump announced he had canceled a planned military strike against Iran following requests from Tehran and other Middle Eastern countries for restraint, citing progress toward an agreement. West Texas Intermediate (WTI) crude futures dropped to $80.89 per barrel while Brent crude declined to $84.10 as investors reduced bets on geopolitical tensions escalating in the region. Trump stated that a deal was being negotiated involving the opening of the Strait of Hormuz and addressing Iran's nuclear program. Iran responded cautiously, with officials suggesting U.S. statements might be part of psychological warfare while acknowledging threats remain real.
