Oil Crashes By Roughly 15% After Donald Trump Cancels Huge Strike on Iran

Oil prices dropped sharply on Monday after US President Donald Trump said military action targeting Iran’s energy infrastructure has been postponed.

Brent crude fell about $17, or roughly 15 percent, to an intraday low of $96 per barrel. US West Texas Intermediate (WTI) declined $13, or around 13.5 percent, to $85.28.

“I am pleased to report that the United States of America and the country of Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” Trump posted on Truth Social.

At the time of press, Brent came back to $105 per barrel (-6.35%) and WTI $91.9 per barrel (-6.45%).

The selloff reflects reduced geopolitical risk in the Middle East, a key region for global oil supply.

?Based on the tenor and tone of these in-depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions,” Trump added.

The closure of the Strait of Hormuz and attacks on energy facilities had reduced global oil supplies by about 11 million barrels per day (bpd), so western powers are reconsidering their stance towards Iran. Maybe a ceasefire is up in the works in the coming few weeks.

Goes to show how much iran is better against bullies .unlike our people