Global oil prices fell sharply below the $100 per barrel mark after the United States postponed planned military strikes on Iranian power plants, easing fears of an immediate escalation in the Middle East crisis.
Gatekeepers News reports that Brent crude, the global oil benchmark, dropped to about $96 per barrel, a significant decline of nearly 10 percent, while US West Texas Intermediate also fell to around $89 per barrel.
The drop followed an announcement by Donald Trump that Washington would delay attacks on Iran’s energy infrastructure for five days after what he described as “very good and productive conversations” with Tehran.
The decision marked a shift from earlier tensions, as the US had issued a 48-hour ultimatum threatening strikes if Iran failed to reopen the Strait of Hormuz — a critical global oil route.
Market analysts say the postponement reduced immediate concerns over supply disruptions, triggering a rapid decline in oil prices which had surged above $110 per barrel in previous weeks due to the conflict.
However, experts warn that prices may remain volatile, as the region continues to face instability, including threats to energy infrastructure and disruptions to shipping routes in the Persian Gulf.
