US oil prices collapsed sharply after President Donald Trump cancelled planned military strikes on Iran, sending WTI crude futures tumbling below $88 a barrel. The sudden reversal wiped out gains built on days of war-driven fear, leaving energy markets in a volatile, unpredictable state. Crude Oil WTI shed over 2.6% in a single session, falling from an intraday high of $93.63 to a low of $86.57.
For global energy traders, this wasn't just a price move — it was a signal that the geopolitical premium baked into oil prices was beginning to crack. The reversal came fast, and it came hard. Just hours earlier, Trump had publicly threatened Iran with major military action and vowed to take control of the country's oil and gas infrastructure. Markets reacted accordingly, pushing oil prices higher on fear of supply disruption through the Strait of Hormuz. Then came the cancellation — and the floor dropped.
