After crossing $100 per barrel on Monday, crude oil prices registered an almost 6% in early trade on Tuesday.
The US West Texas Intermediate (WTI) crude was down $6.12 to $88.65.
The oil prices fell after US President Donald Trump said the US campaign against Iran would end “very soon”.
Trump said, “I think the war is very complete, pretty much”. He claimed Iran has “no navy, no communications, they’ve got no air force.”
“Their missiles are down to a scatter. Their drones are being blown up all over the place, including their manufacturing of drones. If you look, they have nothing left. There’s nothing left in a military sense,” Trump said.
The United States launched strikes against Iran earlier this month as part of a joint military campaign with Israel aimed at degrading Tehran’s military and nuclear capabilities.
On Monday, Brent crude touched $114 a barrel when trading resumed on the Chicago Mercantile Exchange, a 23% jump from its Friday closing price of $92.69.
The Oil prices traded about 50% higher than they were before the United States and Israel launched attacks on Iran on Feb 28, 2026.
