US President Donald Trump has announced a temporary pause in military actions against Iran, leading to a sharp drop of about 13–15% in global crude oil prices. The decision has eased tensions in the Strait of Hormuz, allowing smoother shipping movement. The conflict between the US and Iran had intensified in recent weeks due to concerns over Iran’s nuclear and missile programs, with US forces carrying out airstrikes on key Iranian targets. The conflict has caused heavy casualties, with thousands killed across Iran and Lebanon, and pushed oil prices to nearly $120 per barrel last week. However, after Trump’s announcement of a 5-day pause for possible talks, prices dropped significantly, with Brent crude falling to around $96 and WTI to about $85. While the US says discussions are ongoing, Iran has denied any direct talks, keeping some uncertainty in the market. Meanwhile, tensions continue in parts of the Middle East, even as global efforts are underway to prevent further escalation.
