Crude Oil Prices Drop as Trump Delays Iran Strike Decision
Global markets remained volatile on Friday as crude oil prices fell sharply following U.S. President Donald Trump’s decision to delay any immediate military action against Iran. The announcement eased fears of a full-scale Middle East conflict and brought temporary relief to oil traders and equity markets.
Oil prices had been under pressure amid speculation that Trump would support Israel in its escalating military conflict with Iran. However, in a statement read by White House Press Secretary Karoline Leavitt, the President indicated he would wait up to two weeks before making a final decision on whether the U.S. will engage directly in the conflict.
“Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” the statement read.
Leavitt added: “If there’s a chance for diplomacy, the President’s always going to grab it. But he’s not afraid to use strength as well.”
Crude Oil Prices Drop Amid Geopolitical Uncertainty
Both major oil benchmarks recorded declines Friday:
- Brent crude was down 2.6% to $76.85 per barrel
- West Texas Intermediate (WTI) fell 1.9% to $73.62 per barrel
Stephen Innes, managing partner at SPI Asset Management, said the energy market remains on edge.
“Crude still calls the shots, and volatility’s the devil in the room. We’re trading a geopolitical powder keg with a lit fuse,” Innes warned.
“President Trump’s two-week ‘thinking window’ on whether to join Israel’s war against Iran is no cooling-off period—it’s a ticking volatility clock.”
Global Stock Markets Mixed Amid Uncertainty
Markets reacted cautiously to the developments:
- Hong Kong, Taipei, Mumbai, and Bangkok posted moderate gains
- Seoul’s Kospi led Asia-Pacific gains, climbing over 1% to break the 3,000-point mark for the first time in over three years, buoyed by optimism after South Korea’s recent presidential election
- London, Paris, and Frankfurt all traded slightly higher
- Tokyo’s Nikkei 225 fell 0.2% amid rising core inflation, including a sharp spike in rice prices—a politically sensitive issue in Japan
- Shanghai, Sydney, Singapore, Manila, and Jakarta all posted losses
Trade Tensions Still Looming
Aside from the Middle East crisis, global investors are also watching developments in the U.S.-led trade standoff. With the 90-day pause on President Trump’s April 2 tariff rollout nearing its end, analysts warn that the absence of finalized trade agreements may soon rattle markets again.
“While the worst of the tariffs have been paused, we suspect it won’t be until those deadlines approach that new agreements may be finalized,” said David Sekera, chief U.S. market strategist at Morningstar.
Currency and Market Snapshot (as of 07:15 GMT)
- Brent Crude: $76.85 (-2.6%)
- WTI Crude: $73.62 (-1.9%)
- Nikkei 225 (Tokyo): 38,403.23 (-0.2%)
- Hang Seng Index (Hong Kong): 23,421.80 (+0.8%)
- Shanghai Composite: 3,359.90 (-0.1%)
- FTSE 100 (London): 8,819.26 (+0.3%)
- Euro/USD: $1.1517 (+)
- Pound/USD: $1.3467 (+)
- Dollar/Yen: ¥145.38 (-)
- Euro/Pound: £0.8551 (+)
