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The U.S. oil benchmark experienced a sharp decline early Wednesday, dropping nearly seven per cent following President Donald Trump’s decision to postpone military action against Iran.
West Texas Intermediate (WTI) crude fell to approximately $105.12 per barrel shortly after markets opened.
This significant price correction reflects growing investor optimism that a two-week delay in threatened airstrikes could provide enough time for a formal ceasefire agreement to be reached.
The sudden market shift comes after weeks of rising energy costs driven by fears of a massive offensive against Iranian infrastructure.
The U.S. government has temporarily calmed fears about immediate supply problems in the Middle East by giving diplomats a 14-day window to work things out.
Traders are now closely monitoring the potential reopening of the Strait of Hormuz, which remains a critical condition for sustained stability in global oil prices.
