Oil Retreats as Trump Holds Off Iran Strike

2026-05-18 23:36 By Jam Kaimo Samonte 1 min. read

WTI crude futures slipped toward $103 per barrel on Tuesday, giving back some recent gains after President Donald Trump said he called off a planned military strike on Iran following appeals from Persian Gulf allies, fueling optimism that negotiations could restart.

Trump stated that Saudi Arabia, Qatar, and the UAE asked him to “hold off,” adding that serious talks were now in progress, although Tehran has yet to confirm the claim.

Oil prices had been rallying for over a week as US-Iran peace talks stalled and shipping through the vital Strait of Hormuz remained effectively closed.

Tehran’s nuclear program and the dual blockade of the key waterway continue to be major obstacles preventing a breakthrough in negotiations.

Meanwhile, the US issued a fresh waiver permitting the sale of Russian crude oil and petroleum products already loaded onto tankers.



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