Oil prices tumble after Trump delays Iran strike

Global oil prices fell sharply after US President Donald Trump announced he was postponing a planned military strike on Iran, easing concerns over potential disruptions to Middle East oil supplies.

In a post on Truth Social, Trump said he had agreed to suspend the attack in anticipation of a swift agreement with Iran. He claimed the outline of a deal had been reached, including keeping the Strait of Hormuz open and addressing concerns over Iran’s nuclear programme.

Following the announcement, Brent crude dropped $4.08, or 4.64%, to $83.85 a barrel, while US West Texas Intermediate (WTI) crude fell $4.01, or 4.74%, to $80.66 a barrel, according to Reuters.

Oil prices had surged by more than 20% last month amid renewed tensions between the United States and Iran, including attacks on oil tankers near the coast of Oman.