Global Oil Prices Drop Following US President Trump's Signal of Imminent End to Iran Conflict

Kathmandu. Global crude oil prices have decreased after US President Donald Trump signaled that the ongoing conflict in Iran would 'end soon'. Oil prices saw a significant drop during Asian trading on Tuesday morning.

Brent crude, considered the global market benchmark, fell by about 8.5 percent to $92.50 per barrel. Similarly, the price of oil traded in the United States dropped by nearly 9 percent to $88.60 per barrel.

Despite the decrease, the current rate is still about 30 percent higher than before the war began. This reduction in oil prices followed a statement made by US President Trump on Monday, where he claimed the ongoing conflict would conclude very quickly. His statement has increased expectations that tensions in the energy market will ease somewhat.

With improvements in the oil market, Asian stock markets also saw a recovery on Tuesday. Japan's benchmark Nikkei-225 index rose by about 2.8 percent, while South Korea's Kospi index climbed by more than 5 percent. Asian markets had been under pressure due to the sharp rise in oil prices caused by the conflict, as many Asian nations are major oil importers from the Gulf region.