London, United Kingdom – Web Desk: Global oil prices declined on Tuesday after US President Donald Trump suggested that the Iran conflict could end soon, raising expectations of a possible diplomatic breakthrough and easing market pressure.
International market data showed Brent crude fell by 88 cents to $110.40 per barrel, while US West Texas Intermediate (WTI) dropped 67 cents to $103.48 per barrel.
President Trump reiterated that the ongoing tensions with Iran could be resolved quickly, boosting hopes of a potential agreement and leading to a decline in crude prices amid reduced geopolitical risk sentiment.
Energy market analyst Emre Jamil told Reuters that expectations of diplomatic progress helped ease pressure on global markets, contributing to the fall in oil prices.
However, he cautioned that even if an agreement is reached, oil supply levels are unlikely to immediately return to pre-conflict conditions, meaning price volatility could persist.
Earlier, US Vice President JD Vance had also indicated progress in talks between Washington and Tehran, which had already triggered a separate drop of around one dollar per barrel in global oil prices.
Experts say ongoing geopolitical tensions in the Middle East and uncertainty over Iran continue to be key drivers of volatility in global energy markets.
