Oil prices retreat as geopolitical tensions ease following the U.S. president’s decision to cancel planned military action.
West Texas Intermediate crude fell below $102.00 to trade near $101.85 in early Asian trading on Tuesday. The decline follows U.S. President Donald Trump’s announcement that he called off planned military strikes on Iran at the request of Gulf allies, easing immediate supply disruption fears.
Prior to the announcement, WTI had hovered above $102.00 amid rising tensions in the Middle East. Analysts had warned of potential price spikes if conflict escalated, given Iran’s role as a key oil producer in the region.
Markets reacted swiftly to the de-escalation, with crude prices paring gains built on earlier geopolitical risks.