Oil prices drop as Trump predicts Middle East peace
Oil prices fell over 6% on Tuesday as President Trump predicted an end to the Middle East conflict. Markets also weighed the release of emergency oil reserves.
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Oil markets saw a dramatic reversal on Tuesday as prices tumbled more than 6%, retreating from multi-year highs reached just a day earlier. The shift comes as the United States signals potential de-escalation in Middle Eastern tensions, cooling fears of a long-term supply crunch.
Brent Crude Oil futures fell $6.51, or 6.6%, to $92.45 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $6.12, or 6.5%, to $88.65. This follows a volatile session on Monday where Brent and WTI both surged toward $120 a barrel, their highest marks since mid-2022.
