Trump's statement lowered oil prices - "The conflict could end soon." Black gold costs 7% less
Oil prices fell 7% on Tuesday, after rising to their highest level in more than three years in the previous session, as US President Donald Trump predicted that the war in the Middle East could end soon.
Brent crude futures fell $6.79 to $92.17 a barrel, while U.S. crude fell $6.55 to $88.22 a barrel.
Oil prices surged past $100 a barrel on Monday, hitting their highest level since mid-2022, as supply cuts by Saudi Arabia and other producers amid the escalating US-Israeli war against Iran raised fears of major disruptions to global supplies.
Prices later fell after Russian President Vladimir Putin held a phone call with Trump and shared proposals aimed at a quick resolution to the war, easing concerns about supply.
Trump said on Monday that he thought the war against Iran was "practically over" and that Washington was "well ahead" of his original deadline of four to five weeks.
Trump's comments about a short war have calmed markets, analysts said. Meanwhile, Trump is considering easing oil sanctions on Russia and releasing emergency crude oil reserves as part of a package of options aimed at reining in global prices.
Goldman Sachs said that because the situation remains volatile, it was not changing its forecast for Brent oil prices to $66 per barrel in the fourth quarter of 2026 and U.S. crude to $62 per barrel.
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