Oil Prices Drop 1.84% to $110.26 on Trump Iran Military Strike Delay

Oil prices fell on Tuesday after President Donald Trump postponed a planned military strike on Iran, which eased fears of supply disruptions. Brent crude futures for July delivery decreased by 1.84% to $110.26 per barrel, while West Texas Intermediate futures declined by 0.05% to $108.61 per barrel. The decision followed discussions with leaders from Qatar, Saudi Arabia, and the UAE, requesting a delay in military action. Analysts note that the oil market continues to account for potential supply disruptions, particularly in the Middle East, despite ongoing shipping activity through key routes.