TEHRAN: Oil prices fell on Tuesday after reaching a more than three-year high a day earlier, as US President Donald Trump predicted the war in the Middle East could end soon, easing fears of long-term disruptions to global oil supplies. Brent crude dropped $4.17 (4.2%) to $94.79 per barrel, while US West Texas Intermediate (WTI) fell $3.81 (4%) to $90.96.
Oil had surged above $100 a barrel on Monday — reaching its highest level since mid-2022 — as supply cuts by Saudi Arabia and other producers, along with the expanding conflict involving the US, Israel and Iran, raised fears of major supply disruptions.
Prices later eased after Vladimir Putin spoke with Trump and discussed proposals for a quick settlement to the Iran conflict, reducing concerns about prolonged supply shortages.
Trump said in an interview that the war against Iran was progressing quickly and could end sooner than his initial four-to-five-week estimate.
However, Iran’s Islamic Revolutionary Guard Corps warned it would determine when the war ends and threatened to halt oil exports from the region if US and Israeli attacks continue.
Oil prices also remained under pressure as the US considers easing sanctions on Russian oil and releasing emergency crude reserves to stabilise global markets. The Group of Seven said it was ready to take necessary measures to address rising oil prices but has not yet committed to releasing strategic reserves.
