Oil prices fall as Trump postpones Iran strike, easing supply disruption fears

APA Corporation's Beryl Alpha oil platform in the North Sea. Courtesy: APA Corporation Oil prices fell Tuesday after U.S. President Donald Trump said he would postpone a planned military strike on Iran following requests from key Middle Eastern leaders, easing fears of an imminent escalation that could disrupt global crude supplies. International benchmark Brent crude futures for July delivery fell more than 2% to trade at $109.15 per barrel. The West Texas Intermediate futures declined 1.27% to $107.28 per barrel. Trump said on Monday that he shelved plans for a "scheduled attack of Iran tomorrow" following requests from the leaders of Qatar, Saudi Arabia and the United Arab Emirates. Stock Chart Icon Stock chart icon Oil prices since the start of the year Before his comments on Truth Social, there had been little public indication that Washington was preparing imminent military action against Iran, which would effectively end a fragile ceasefire struck on April 8. Earlier Monday, Trump told the New York Post that Iran knows "what's going to be happening soon," though he did not elaborate. Axios reported that Trump had been weighing renewed military action after Tehran's latest proposal in talks aimed at ending the conflict fell short of expectations. …