International oil prices further dropped on Wednesday following signals from US President Donald Trump regarding a swift conclusion to the ongoing conflict with Iran.
According to sources, Crude oil benchmarks saw a dramatic 17% decrease as market volatility eased in response to the diplomatic outlook.
Brent crude dropped to $83 per barrel, while US West Texas Intermediate (WTI) fell to $78 per barrel, a sharp correction from the previous day’s levels, where both benchmarks were trading near the $119 mark.
The market shift follows a statement from the US President clarifying that while the war might not end within the current week, a resolution is expected soon.
This news has provided significant relief to global energy markets, which had reached multi-year highs due to geopolitical tensions. Analysts suggest that the prospect of ending hostilities has offset fears of supply disruptions, leading to the rapid price stabilisation observed in London and New York trading sessions.
