Global oil prices declined after the United States announced the suspension of planned airstrikes on Iran. US President Donald Trump stated that he had canceled the scheduled air attack against Iran, following earlier warnings that a very strong response could be launched if necessary. The announcement led to an immediate reaction in the oil market.

Following Trump’s statement, Brent crude prices dropped by 1.21 dollars, or 1.3 percent, to 89.17 dollars per barrel. At the same time, US West Texas Intermediate (WTI) crude fell by 1.23 dollars, or 1.4 percent, to 86.48 dollars per barrel. Both benchmarks recorded weekly losses, with Brent down 4.2 percent and WTI down 4.4 percent.

The report, citing Al Jazeera, indicates that the market’s response reflects easing geopolitical tensions after the US decision to halt the planned military action against Iran.