Oil Prices Plummet Sharply After Trump's Statements on Canceling Military Action Against Iran

Global oil prices experienced a sharp decline following statements by US President Donald Trump regarding his decision to cancel a planned bombing operation against Iran for Thursday evening. This rapid decrease ranged between 3 and 3.5 percent, according to trading data. By 20:35 Moscow time, Brent crude August futures fell 3.48% from their previous close, reaching $89.87 per barrel. West Texas Intermediate (WTI) July futures also dropped 3.25%, settling at $87.1. On the same day, President Trump announced he would soon reveal the signing date and location of an agreement, affirming that its final terms with Iran were coordinated among all involved parties, including the US, Israel, and other nations. Notably, oil prices had only experienced a slight decline before these remarks.