Brent Falls More than 10% as Trump Delays Iran Strikes

2026-03-23 11:16 By Agna Gabriel 1 min. read

Brent crude oil futures plunged more than 10% to around $98 per barrel on Monday after President Donald Trump signaled de escalation by ordering a five day pause on planned US strikes against Iranian energy infrastructure.

The move followed what Trump described as constructive talks with Iran over the past two days aimed at resolving the conflict, with discussions set to continue this week.

The announcement eased immediate supply fears after heightened tensions tied to a US deadline for Iran to reopen the Strait of Hormuz, a critical route for global oil shipments.

Markets reacted sharply as the risk of further disruption to energy infrastructure temporarily declined, while attention now turns to whether diplomatic efforts can lead to a sustained reopening of the key waterway.

However, Iran’s Fars News Agency denied any negotiations, attributing Trump’s move to Iran’s threat to strike all West Asian power plants.



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