Global Oil Prices Drop Sharply After Trump Announces Pause on Iran Strikes

International oil prices fell significantly on Monday following U.S. President Donald Trump’s announcement to suspend military strikes on Iran’s power plants and energy infrastructure.

In the global market, crude oil prices dropped by more than 13 percent, with prices falling by around $17—or roughly 15 percent—to $96 per barrel.

Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude declined by $13, or 13.5 percent, to $85.28 per barrel.

The decline comes amid easing geopolitical tensions after Trump’s decision, which raised hopes for stability in global energy supplies.

The Strait of Hormuz remains a critical chokepoint for global energy trade, carrying nearly one-fifth of the world’s oil and liquefied natural gas (LNG). Since reported attacks on Iran on February 28, the strait has been largely restricted, contributing to a surge in oil prices.

Following the escalation of the conflict, global oil prices had previously climbed above $100 per barrel, at times rising more than 50 percent compared to pre-conflict levels.