Oil prices dropped sharply after U.S. President Donald Trump signaled progress in talks with Iran, raising hopes of an end to the ongoing conflict. Brent crude fell over 7% to below $99 per barrel, while WTI declined around 8% to $90, according to market data.
In a Truth Social post, Trump said the U.S. and Iran had held “productive conversations” on a complete resolution of hostilities. He also ordered a five day pause on planned strikes against Iranian energy infrastructure, the report said.
Oil falls 15% on US-Iran talk headlines.
— Selcoin Global (@selcoinglobal) March 23, 2026
Brent crude price fell toward $96 per barrel in the past hour amid reports of potential U.S.–Iran talks, raising expectations of possible supply relief. pic.twitter.com/MAPoYPTk75
The shift comes days after Trump warned of major military action if Iran did not reopen the Strait of Hormuz. Iran had responded with threats to target regional infrastructure, according to statements reported by Fars news agency.
Meanwhile, the International Energy Agency said supply disruptions from the Strait closure exceed past oil shocks. The report added that countries are exploring increased output and emergency reserves to stabilise markets.
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TIPP Staff
