Global crude oil prices fell on Tuesday for the first time since February 28, 2026, when the conflict involving Iran, the United States and Israel commenced.
The Brent and West Texas Intermediate (WTI) crude benchmarks declined to $91.11 and $86.93 per barrel, respectively, after previously trading close to $100 per barrel.
The drop followed remarks by the President of the United States, Donald Trump, who suggested that the ongoing conflict with Iran could soon come to an end
Speaking in an interview with CBN News on Monday, Trump said, “I think the war is very complete, pretty much”.
He added that the US was “very far ahead of schedule”.
His comments triggered a swift reaction in the oil market, with WTI crude slipping below $90 per barrel on Monday.
The decline follows nearly ten days of rising crude prices, which had surged from around $67 per barrel.
The escalation had disrupted activities around the strategic Strait of Hormuz shipping route and led to the shutdown of some refineries in Saudi Arabia and Qatar, leading to a spike in global oil prices.