Oil Prices Slide Further as Trump Halts Planned Iran Strikes, Easing Supply Concerns

Oil prices extended their decline after U.S. President Donald Trump called off planned military strikes on Iran, reducing fears of a broader conflict in the Middle East and potential disruptions to global energy supplies. Investor sentiment improved on hopes of diplomatic progress between Washington and Tehran, leading to a drop in the geopolitical risk premium that had supported crude prices in recent days. Despite the decline, markets remain cautious as uncertainty persists over the future of U.S.-Iran relations and the status of the Strait of Hormuz.