Global oil prices fell on Tuesday after reaching their highest levels in more than three years a day earlier.
The decline came after Donald Trump suggested that the ongoing conflict in the Middle East could end sooner than expected, reducing fears of long-term disruptions to global oil supplies.
The price of Brent Crude dropped by $6.51, or about 6.6%, to $92.45 per barrel. At the same time, West Texas Intermediate (WTI) crude fell by $6.12, or 6.5%, to $88.65 per barrel. These declines followed a sharp surge on Monday when oil prices crossed $100 per barrel.
During Monday’s trading session, Brent reached a high of $119.50 while WTI touched $119.48, the highest levels since mid-2022.
The increase was mainly driven by concerns that the expanding conflict involving Iran could disrupt global oil supplies. Production cuts by several oil-producing countries also contributed to the price spike.
Prices began to fall after Vladimir Putin reportedly held a phone call with Trump and shared proposals aimed at ending the conflict quickly. This development helped calm markets and reduced fears of long-term supply disruptions.
Trump also said in a media interview that the conflict with Iran might end sooner than expected, suggesting that the situation was progressing faster than initially predicted.
Meanwhile, officials from Iran’s Islamic Revolutionary Guard Corps warned that they would decide when the conflict ends and suggested that regional oil exports could be affected if attacks continue.
Market analysts say oil prices may remain unstable in the coming days as traders closely watch political developments and global energy supply conditions.