Brent crude oil prices fell sharply below the $100 per barrel mark on Wednesday after US President Donald Trump signaled that the war in Iran could end within the next two to three weeks.
According to market reports, Brent crude dropped more than 4 percent in early European trade to around $99 per barrel, marking the first time in nearly a week that the benchmark slipped below the triple digit level. US West Texas Intermediate also declined to nearly $97 per barrel.
The decline followed Trump’s comments from the Oval Office, where he said the United States would be leaving Iran “very soon” and suggested that military action could end within weeks.
Markets interpreted the remarks as a sign of possible de escalation in the Middle East conflict, prompting a selloff in oil futures and a relief rally across global equities.
However, supply risks remain in place, particularly due to continued uncertainty around the Strait of Hormuz, a route that carries nearly 20 percent of global oil and LNG flows. Even if the strait reopens, the backlog of vessels and normalization of exports is expected to take time.
The latest dip comes after Brent had surged above $110 and even briefly approached $120 during the height of the conflict in March, driven by fears of severe regional supply disruption.
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