Oil prices drop as President Trump delays strike on Iran
Oil prices took a hit on Tuesday, with Brent crude dropping 2.7% to $109.09 per barrel and West Texas Intermediate (WTI) sliding 1.3% to $107.28.
This drop follows recent highs, which were fueled by worries about Middle East supply disruptions as tensions between the US and Iran heated up over nuclear issues.
US oil reserves lowest since July
President Trump decided to hold off on a planned attack against Iran, hoping negotiations might ease the situation and stop Iran from getting nuclear weapons.
While Iranian media claimed US sanctions on its oil exports were lifted during talks, Washington says that's not true.
Meanwhile, US oil reserves have hit their lowest since July 2024 after a record withdrawal last week, something that could keep global prices unpredictable for a while.