Oil Slides After Trump Says Iran War Is Nearing an End

Oil prices retreated sharply as traders reassessed the Middle East risk premium after US President Donald Trump signaled the Iran war may be nearing an end. According to Bloomberg, Brent slid about 10% to around $89.03 a barrel, well below Monday’s intraday peak near $119.50 after an exceptionally volatile session. The pullback came even as the Strait of Hormuz remains effectively shut, keeping supply risks elevated and price action headline-driven.Bloomberg’s MLIV Asia team leader Garfield Reynolds cautioned that the economic fallout could extend far beyond crude’s immediate move: renewed inflation shocks may emerge, creating stagflation-like pressure by weakening demand while nudging central banks toward a more hawkish stance, leaving the equity outlook markedly darker than it was a month ago.