Oil Prices Plunge as Middle East Tensions Ease

Brent crude oil prices dropped over 7% following President Donald Trump's remarks suggesting an imminent end to the Middle East conflict. This development alleviated concerns about extended disruptions in global oil supply, causing Brent crude futures to fall to $91.71 a barrel after hitting $119.50 just a day earlier.

In a significant market shift, Brent crude oil prices experienced a dramatic drop of more than 7% on Tuesday. The decline followed comments from U.S. President Donald Trump, who hinted at a potential resolution to the ongoing conflict in the Middle East.

This statement brought relief to global markets concerned about prolonged disruptions in oil supplies. As a result, Brent crude futures plummeted to $91.71 per barrel, reflecting a decrease of $7.25, or 7.3%, compared to earlier levels.

Previously, the contract had surged to a session high of $119.50 on Monday, highlighting the volatility of the oil market against the backdrop of geopolitical tensions.

(With inputs from agencies.)