Trump cancels Iran strikes, oil prices decline sharply

President Donald Trump called off planned military strikes against Iran on Monday, saying Tehran and other countries in the region had asked for a pause in fighting. Trump added that talks with Iran would restart the same day. The news pushed oil prices sharply lower. West Texas Intermediate crude dropped around six percent to about $79 per barrel, and Brent crude fell roughly five percent to near $84. During the conflict, oil had risen above $100 per barrel several times. The fighting started in late February 2026 and disrupted shipping in the Persian Gulf for more than five months. Petrol prices had climbed 37 percent above pre-conflict levels, and diesel had risen 42 percent. U.S. crude is still about 20 percent higher than before the conflict began.