Brent Crude Oil traded above 95 USD/Bbl

Brent crude futures fell below $95 per barrel on Tuesday after surging to nearly $120 in the previous session, as US President Donald Trump signaled that the war with Iran may be nearing its end and that the US military operation is progressing well ahead of its initial timetable. Trump also said he plans to waive oil-related sanctions and have the US Navy escort tankers through the Strait of Hormuz in an effort to keep oil prices in check. Adding to the downward pressure, G7 finance ministers said the group “stands ready” to release oil from strategic reserves if necessary, although no action has been taken so far. Oil prices had surged on Monday after major Middle Eastern producers began cutting output following disruptions in the Strait of Hormuz. With tanker traffic heavily restricted, several key producers, including Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq, have started curbing production as storage facilities fill quickly.

Brent crude futures fell over 1% to below $92 per barrel in late afternoon, erasing earlier 20% gains after G7 finance ministers said the group “stands ready” to release oil from strategic reserves if needed. Adding to the shift in momentum, President Trump insisted the war with Iran would be brief, suggesting a major U.S. economic response would be unnecessary. He is scheduled to hold a news conference later Monday. Oil had risen as high as $120 per barrel earlier in the session, the highest level since 2022, as major Middle Eastern producers began cutting output following disruptions in the Strait of Hormuz. With tanker traffic heavily restricted, several key producers, including Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq, have started curbing production as storage facilities fill rapidly.

Brent Crude Oil rose above 95, according to trading on a contract for difference (CFD).