Oil slid after President Donald Trump announced the cancellation of a planned strike on Iran, easing pressure on Middle‑East supplies. West Texas Intermediate fell below $103 a barrel, while Brent closed just over $112. Saudi, Qatar and UAE leaders urged the pause, citing ongoing negotiations that keep the Strait of Hormuz’s flow uncertain for traders.

Geopolitical jitters had pushed crude up after the U.S. naval blockade shuttered Iran’s Kharg Island terminal, cutting millions of barrels from the market. Trump’s post came hours after a White House event where he said the attack could be postponed “for a little while, hopefully maybe forever.” Market participants viewed the pause as a sign of shifting U.S. policy toward Iran.

Meanwhile, Washington floated a temporary oil‑sanctions waiver, a claim later denied by an unnamed U.S. official. The U.S. also granted a new waiver for Russian crude already on tankers, following a lapse. Investors weigh the risk that renewed talks could extend the Strait blockage, potentially tightening supply and pushing prices higher for market participants today.