Oil prices fall back sharply as Trump claims Iran war will be over ‘very soon’
Markets in Asia also reacted to the drop in oil prices. Japan’s Nikkei 225 rose about 2.8%, while South Korea’s Kospi gained more than 5% in early trading.
A sign reflects the current gas prices at a convenience store and filling station as motorist pass through an intersection in Garland, Texas, Monday. (AP Photo)
Global oil prices fell sharply on Tuesday after US President Donald Trump said the war involving the United States, Israel and Iran could end soon.
The drop came a day after oil prices saw a steep rise with the Brent crude, the international oil benchmark, crossing $100 per barrel for the first time since Russia’s invasion of Ukraine. Prices later climbed as high as $119.50 per barrel during trading.
Markets began to move in the opposite direction after Trump signalled the war might not last long. Speaking in an interview with CBS News, Trump said the conflict was “very complete, pretty much” and suggested the fighting could end soon.
Oil prices continued to decline in early trading in Asia on Tuesday. Brent crude dropped about 8.5% to around $92.50 a barrel, while US-traded oil fell roughly 9% to about $88.60 a barrel.
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Despite the fall, oil prices remain higher than before the conflict began. According to the BBC, they are still around 30% above the level seen at the start of the fighting.
The fall in oil prices also affected stock markets. In the United States, S&P 500 recovered from earlier losses and ended Monday’s session higher on Wall Street.
Markets in Asia also reacted to the drop in oil prices. Japan’s Nikkei 225 rose about 2.8%, while South Korea’s Kospi gained more than 5% in early trading.
Asian markets had been under pressure earlier because many countries in the region rely heavily on oil imports from Gulf countries. Higher oil prices can increase costs for businesses and governments in these economies.
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Trump’s comments about the war ending soon helped ease some of the concerns in global markets, leading to the fall in oil prices and a recovery in some stock markets, the BBC said.
Meanwhile, Trump has expressed optimism about a swift resolution to the war against Iran, describing it as a “short-term excursion” aimed at eliminating threats from the Islamic Republic.
However, he also warned of severe consequences if Iran disrupts global oil supplies, particularly through the Strait of Hormuz, stating that any such action would be met with a force “TWENTY TIMES HARDER” than what Iran has faced so far.
This stance comes as oil prices surge due to the conflict, with Brent crude briefly hitting its highest level since 2022, though prices later fell on hopes of a short-lived war.
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A sign reflects the current gas prices at a convenience store and filling station as motorist pass through an intersection in Garland, Texas, Monday. (AP Photo)
