Oil prices dive as Trump says Iran war will end ‘very soon’

CNN – Oil prices fell sharply Tuesday after US President Donald Trump said the war with Iran would be over “very soon,” though they remain volatile and well above their levels before the conflict started.

Also on Tuesday, the world’s biggest oil exporter, Saudi Aramco, warned of the war’s potentially “catastrophic consequences” for oil markets if flows don’t resume through the vital Strait of Hormuz.

Later, US Defense Secretary Pete Hegseth said during a Pentagon briefing that the war with Iran would not end until “the enemy is totally and decisively defeated,” adding that this would be done on the United States’ timeline. The comments sparked worries that the conflict will last for a while yet.

Brent crude, the global oil benchmark, was down around 9% at one point, before paring losses to trade about 7% lower at $92 a barrel. WTI, the US benchmark, which had also dropped more steeply earlier in the trading session, was down around 6.8% to $88 a barrel. Those prices compare with around $73 and $67 respectively before the United States and Israel launched strikes on Iran on February 28.

Early on Monday, both oil prices surged above $100 a barrel, crossing that mark for the first time since Russia’s 2022 invasion of Ukraine.