Oil Prices Plunge 3.8 Percent After Trump Cancels Iran Strikes
Brent crude futures, which had held above the $90 per barrel mark for roughly a month, tumbled below that threshold — shedding 3.8% as of 1745 GMT — as traders rapidly unwound the geopolitical risk premium that had been embedded in oil prices.
West Texas Intermediate (WTI) crude similarly retreated, falling 3.6% to $86 per barrel, mirroring the broad-based selloff across energy commodities.
The pullback extended beyond crude oil. Heating oil prices dropped 4% to $3.50 per gallon, while TTF — the benchmark index for European natural gas — declined 1.9% to €49 per megawatt-hour.
Trump announced the decision via his US-based social media platform Truth Social, stating: "Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening."
The US president further disclosed that the framework underpinning the agreement had received sign-off from a sweeping coalition of regional and international stakeholders, saying discussions and final points have been, in both concept and great detail, approved by all parties involved, including the US, Israel, Saudi Arabia, UAE, Qatar, Türkiye, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.
Trump made clear, however, that military pressure would not be fully lifted until a formal agreement is concluded. "The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly," he added.
The announcement marked a dramatic reversal from Trump's earlier posture. Just hours before, he had declared that the US "will be hitting Iran ... very hard tonight," and had outlined plans to seize control of Iran's principal oil export facility at Kharg Island.
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