 crude fell 3% to settle at $60.16 per barrel. Similarly, Brent crude dropped 2.93% to $64.57 per barrel. This sharp decline reversed Wednesday’s 1.5% price hike, which had been driven by concerns over potential supply shocks.){kind=link}
Global oil prices dropped nearly 3% on Thursday following remarks by U.S. President Donald Trump, which signaled a potential de-escalation of geopolitical tensions in the Middle East. The news provided much-needed relief to investors, significantly easing fears of a global supply disruption.
According to market data, West Texas Intermediate (WTI) crude fell 3% to settle at $60.16 per barrel. Similarly, Brent crude dropped 2.93% to $64.57 per barrel. This sharp decline reversed Wednesday’s 1.5% price hike, which had been driven by concerns over potential supply shocks.
In a White House briefing, President Trump stated he received reports that Iran has suspended its crackdown on protesters and stayed scheduled executions. Regarding military intervention, Trump noted that Washington is currently monitoring the situation and will base future decisions on ground realities. Human rights organizations currently estimate the death toll from the recent unrest in Iran has exceeded 3,428.
Market analysts Kyle Rodda and Michael Wan suggested that Trump’s rhetoric has effectively neutralized immediate volatility in the energy sector. Iran accounts for approximately 3% of global oil production, making the market highly sensitive to regional instability. Despite the ongoing strategic realignment of U.S. personnel across Middle Eastern bases, including Qatar, the market reacted positively to the prospect of a diplomatic thaw.