Brent Oil Price Drops 11% on Iran Conflict De-escalation Hopes | March 23, 2026

The price of Brent crude oil for May delivery fell 10.92% Monday in London futures trading, as a potential de-escalation of conflict in the Middle East reduced fears of supply shortages. The European benchmark crude closed at $99.94 a barrel on the ICE exchange, a decrease of $12.25 from Friday’s close.

The market reacted positively to U.S. President Donald Trump’s announcement that he would postpone attacks on Iranian energy infrastructure for five days while maintaining negotiations with Iran, according to reports. However, Tehran has indicated that while an offer of contact has been made, no talks are currently underway.

The shift in market sentiment followed a period of heightened tension, with oil prices having surged to over $100 a barrel earlier in the month. On Monday, the price of Brent had reached its highest level since mid-2022, fueled by supply cuts from Saudi Arabia and other producers amid the ongoing conflict between the United States and Israel against Iran.

According to Reuters, futures for Brent fell $6.28, or 6.3%, to $92.68 a barrel at 0715 GMT on March 10, 2026, while U.S. West Texas Intermediate (WTI) crude dropped $6.19, or 6.5%, to $88.58 a barrel. Both contracts had earlier declined as much as 11% before paring some losses.

The price decline was further influenced by a phone conversation between Russian President Vladimir Putin and President Trump, during which Putin reportedly shared proposals for a swift resolution to the conflict, as relayed by a Kremlin advisor. This development also contributed to easing concerns about potential disruptions to oil supply, according to reports from Yahoo Finance.

Trump stated in a Monday interview with CBS News that he believed the war against Iran was “very complete” and that Washington was “very far ahead” of its initial estimated timeframe of four to five weeks.

Despite the initial drop, the price of Brent crude rebounded Tuesday, surpassing $100 a barrel again, a day after falling more than 10% in response to Trump’s decision to postpone further attacks against Iran following what he described as “very good” conversations. Early Asian trading saw Brent climb 2.9% to $102.84, while West Texas Intermediate (WTI) rose 3.5% to $91.20, according to reports from Diario Libre.

The West Texas Intermediate intermediate crude had fallen 10% to $88.13 a barrel on Monday after Trump decided to postpone attacks on Iranian power plants and energy infrastructure. Trump announced on his Truth Social platform that the two countries had held “very good and productive” conversations regarding a complete and total resolution of hostilities in the Middle East, and that “crucial points of agreement” existed, suggesting the conflict could end if progress continues.

As of Tuesday, March 24, 2026, the situation remains fluid, with no confirmed date for the resumption of potential military action and ongoing diplomatic efforts to de-escalate tensions.