Oil Slides 8% as Trump Signals Iran War May End Soon but Threatens Harder Strikes

After surging past $100 a barrel on Monday, oil prices fell sharply on Tuesday, with Brent crude dropping around 8% to $91 per barrel and U.S. crude falling 8.1% to roughly $87 per barrel, as Trump signaled the Iran conflict could end "very soon." The Strait of Hormuz, through which roughly 13 million barrels passed daily in 2025, accounting for about 31% of global seaborne oil flows, remains at the center of the crisis. G7 energy ministers are set to hold a virtual meeting to discuss releasing emergency oil reserves, with the U.S. proposing a coordinated release of 300 to 400 million barrels, roughly 25% to 30% of the group's combined 1.2 billion-barrel reserves. IEA member countries hold over 1.2 billion barrels of public emergency stocks, with an additional 600 million barrels held under government obligation.