U.S. President Donald Trump has announced the suspension of a planned military strike on Iran amid ongoing tensions in the Middle East. He stated that the decision was made to allow room for diplomatic discussions to resolve the crisis. Following the announcement, international crude oil prices dropped by more than one percent.

According to market analysts, the price of Brent crude fell to around 110 dollars per barrel, while U.S. WTI crude declined to about 103 dollars per barrel. Investors and energy traders are now closely monitoring diplomatic efforts between Washington and Tehran, as concerns persist over the long-term stability of the Strait of Hormuz.

The Strait of Hormuz remains one of the world’s most critical maritime routes, previously handling about one-fifth of global oil and liquefied natural gas shipments. Any instability in this region could have a significant impact on global energy markets.