image sourced from original article at Oil prices fell sharply after United States President Donald Trump said a planned attack on Iran had been paused to allow diplomatic talks aimed at ending the Middle East conflict. Brent crude and West Texas Intermediate both dropped more than 2 percent, retreating from recent highs reached earlier this month.
Trump said there was a very good chance that Washington and Tehran could reach an agreement to prevent Iran from developing a nuclear weapon. Analysts noted that while the comments eased immediate market pressure, uncertainty remains over whether the pause signals real de escalation or a temporary delay.
The conflict has disrupted the Strait of Hormuz for more than eleven weeks, affecting nearly one fifth of global oil supply and keeping crude prices above 100 dollars per barrel. The supply shock has pushed fuel prices higher in several countries, including India, where petrol and diesel rates were raised again following earlier increases linked to the ongoing crisis.
