Global oil prices declined sharply on Wednesday, falling below the $100 per barrel mark after comments from U.S. President Donald Trump suggested that Iran may be open to negotiations.
The price of Brent crude for May delivery slipped to under $100 per barrel shortly after Trump’s remarks, recording an estimated 4 per cent drop within minutes
The decline follows weeks of rising oil prices driven by tensions linked to the ongoing U.S.-Iran conflict, which had pushed crude prices close to $120 per barrel
Prior to the escalation, Brent crude had remained relatively stable, trading between $60 and $70 per barrel for several months.
Analysts say the latest drop reflects reduced market fears of supply disruptions, as any potential diplomatic engagement between Washington and Tehran could stabilise oil flows.
Speaking to reporters, President Trump indicated that discussions with Iran were underway and expressed optimism about reaching an agreement.
He stated that Iranian representatives were eager to negotiate, although no official confirmation has been issued by Tehran.
Iran had earlier maintained that it was not interested in talks, and there has been no immediate response to Trump’s recent comments.
The recent surge in oil prices had already impacted global markets, leading to increased costs for petrol, diesel, and heating fuel in many countries.
The latest price movement suggests that markets remain highly sensitive to geopolitical developments in the Middle East, particularly involving major oil-producing nations.
