Crude oil prices slipped sharply on global markets following US President Donald Trump’s decision to delay military action against Iran. Brent crude fell by nearly 2.5%, dropping to around $76.50 per barrel, while WTI also declined amid investor relief that an immediate conflict has been averted.
The two-week pause announced by the White House allows for diplomatic efforts to intensify, especially from European powers seeking to de-escalate tensions. Talks are expected to take place in Geneva, with the goal of preventing a full-blown confrontation that could destabilize global oil supply routes.
Despite the temporary ease in prices, analysts warn that the market remains fragile. Iran’s position in the Strait of Hormuz and its role as a major oil exporter means any renewed tension could trigger a dramatic spike in prices. Experts say the current decline reflects short-term relief, not long-term resolution.
