23.03.2026 14:51
After U.S. President Donald Trump announced that negotiations with Iran were progressing positively and postponed attack plans, there was a sharp decline in oil prices. Brent crude, which saw a 14% drop, fell from $113 to $96.
The announcement by U.S. President Donald Trump that he has postponed attacks on Iran for a period of 5 days triggered a sharp decline in oil prices. The price of Brent crude oil fell by more than 14 percent, dropping back below 100 dollars per barrel.
TRUMP STEPS BACK FROM THREAT
Trump stated, "I have instructed the Department of Defense to postpone all military attacks on energy facilities and energy infrastructure in Iran for a period of five days, depending on the success of ongoing meetings and negotiations."
BRENT CRUDE OIL TRADING AT 96 DOLLARS
The price of Brent crude oil saw an initial reaction with a drop of 14 percent, falling below 92 dollars. Brent crude is currently trading at around 96 dollars.
HORMUZ CRISIS SPIKES OIL PRICE
The war in the Middle East has nearly brought shipments to a standstill in the Strait of Hormuz, through which approximately 20 percent of global oil and LNG flows pass.