Global oil prices tumbled on March 23, 2026. U.S. President Donald Trump announced a five-day postponement of military strikes against Iranian energy infrastructure. Trump cited productive talks with Tehran, though Iranian news agencies later disputed this claim.
Brent crude fell 15% to a low of $96 per barrel. The international benchmark previously traded near $113. West Texas Intermediate dropped over 13% to finish below $85 per barrel.
The de-escalation eased fears of supply disruptions in the Strait of Hormuz. Approximately 20% of global oil passes through this waterway.