Oil prices fell after Trump’s comments became the main market story on Tuesday as Brent and WTI dropped sharply after both contracts had surged to their highest levels in years during the previous session.
The pullback followed remarks from U.S. President Donald Trump suggesting the Middle East war could end soon. That helped ease fears of a prolonged disruption to global oil supplies after a session in which crude briefly soared above $100 a barrel and nearly $120.
Reports on Tuesday said Brent was down 6.6% to $92.45 a barrel, while U.S. West Texas Intermediate fell 6.5% to $88.65. The drop came after a dramatic rally driven by supply fears linked to the conflict and disruption near the Strait of Hormuz.
The earlier surge reflected concern that the war could keep oil and gas shipments under pressure. The Strait of Hormuz remains a critical route for global energy trade, and market anxiety intensified when shipping disruption and regional supply risks deepened.
Read: Trump Says Iran War Could End Soon as Oil Prices Swing on Market Fears
Prices later retreated as markets absorbed Trump’s remarks and broader reports that the United States could consider steps to ease supply pressure. Those options reportedly include softer oil-related sanctions on Russia or the use of emergency crude reserves.
Even so, volatility remains high. Analysts quoted in market coverage warned that crude could continue trading in a wide range as investors weigh diplomacy against ongoing threats to production and exports in the Gulf.
That means the latest drop does not signal that the oil market has fully calmed. Instead, it shows how quickly sentiment can turn when traders react to political signals, sanctions talk and fears about regional supply routes.
