Oil prices dive as Trump says Iran war will end ‘very soon’ | CNN Business

Oil prices fell sharply Tuesday after US President Donald Trump said the war with Iran would be over “very soon,” though they remain volatile and well above their levels before the conflict started. Also on Tuesday, the world’s biggest oil exporter, Saudi Aramco, warned of the war’s potentially “catastrophic consequences” for oil markets if flows don’t resume through the vital Strait of Hormuz. Later, US Defense Secretary Pete Hegseth said during a Pentagon briefing that the war with Iran would not end until “the enemy is totally and decisively defeated,” adding that this would be done on the United States’ timeline. The comments sparked worries that the conflict will last for a while yet. Fatih Birol, executive director at the International Energy Agency, said in a statement Tuesday that IEA member countries would meet “to assess the current security of supply and market conditions” to decide whether to make IEA emergency oil stockpiles available to the market. Brent crude, the global oil benchmark, fell 11.28%, to settle at $87.80 per barrel. WTI, the US benchmark, sank 11.94%, to $83.45 per barrel. Those prices compare with around $73 and $67 respectively