Crude oil prices dropped nearly 3% on Thursday after reports indicated that U.S. President Donald Trump is hesitant to resume full-scale military action against Iran, despite recent regional tensions.
West Texas Intermediate (WTI) futures fell to $92.64 per barrel, reflecting a broader easing of fears around potential disruptions in the Strait of Hormuz.
On Wednesday, prices had already fallen more than 4% after Trump reportedly suggested that negotiations with Iran are nearing a resolution.
The decline follows earlier sharp price swings linked to the same geopolitical narrative.
On Wednesday, prices had already fallen more than 4% after Trump reportedly suggested that negotiations with Iran are nearing a resolution.
The current move underscores the market's responsiveness to shifts in the perceived risk of conflict.
Energy analysts note that the Strait of Hormuz remains a critical chokepoint for global oil flows, and any escalation in the region could trigger renewed volatility.