Oil Prices Sink 13 Percent as Trump Predicts Middle East War De-escalation

On Tuesday, oil prices plunged more than 13 percent after soaring to their highest levels since 2022 in the previous session after President Donald Trump predicted the war with Iran could end soon, lowering expectations of prolonged oil supply disruptions.

Brent futures fell $12.46, or 12.6 percent, to $86.50 a barrel at ‌12:58 p.m. EDT, while U.S. West Texas Intermediate (WTI) crude fell $12.24, or 12.9 percent, to $82.53.

Both crude benchmarks surged to more than $119 a barrel on Monday to their highest since June 2022 as supply cuts by Saudi Arabia and other producers stoked fears of major disruptions to global supplies.

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