Oil prices drop after Trump pauses military action against Iran
Oil prices just dropped over 10%, down to about $100 a barrel, after President Trump announced a five-day pause on planned military action against Iran.
This follows some "in-depth, detailed, and constructive conversations" with Tehran.
Just days ago, oil spiked above $104 when Trump threatened to hit Iran's key oil facility if the Strait of Hormuz stayed blocked.
US is tapping into its oil reserves
The Strait of Hormuz handles about 20% of the world's oil traffic, so any trouble there can mess with global fuel prices.
US Energy Secretary Chris Wright is hopeful things could calm down in weeks but admits "there are no guarantees in wars."
The US is also tapping into its oil reserves and easing some sanctions to help out for now.
Experts warn high prices could stick around
Even with these quick fixes, experts warn that if this standoff drags on, we could see high prices stick around.
With Trump sending mixed signals between threats and pauses, markets are left guessing what comes next.