Global oil prices dropped to around $90 per barrel today after US President Donald Trump announced progress in ceasefire talks with Iran. This eased fears of major supply disruptions from the ongoing Middle East conflict, which had pushed prices much higher in recent weeks.
Brent crude, the main global benchmark, fell sharply to about $96 or lower in some trades, while US West Texas Intermediate (WTI) hovered near $90 or dipped below it briefly.
The slide came after Trump said on social media and in statements that the US and Iran had “very good and productive conversations” over the last two days toward a “complete and total resolution” of hostilities. He also postponed planned military strikes on Iran’s energy infrastructure for five days to allow talks to continue.
The conflict had shut parts of the Strait of Hormuz, blocking key oil routes and causing huge supply worries. Prices had spiked to nearly $120 a barrel earlier in March due to strikes and threats, but Trump’s latest moves brought quick relief to markets. Investors pulled back from high-risk bets, sending stocks higher and the dollar lower in response.
This temporary calm helps countries like Pakistan, where high global oil prices mean expensive fuel and imports. But experts warn prices could swing again if talks stall or new tensions rise.
For now, the drop gives breathing room to economies facing inflation from energy costs. Traders closely watch for any real ceasefire deal to see whether prices stay lower.
