President Trump announced a five-day postponement of U.S. military strikes on Iranian energy infrastructure. The decision follows productive conversations with Tehran aimed at a complete resolution of hostilities. This development marks the first significant de-escalation since the conflict began disrupting oil flows through the Strait of Hormuz.
Brent crude prices fell 7% to approximately $103 per barrel following the announcement. The international benchmark previously reached highs exceeding $119 per barrel.
BP shares dropped 2.6% in premarket trading. Shell shares declined 1.8%. Exxon Mobil shares fell 1.4%, while Chevron shares decreased 1.2%. The move eases market fears regarding immediate supply disruptions.