Following Trump’s statement, US crude, Brent tumble sharply below $88 per barrel

New York/Washington (Web Desk): Global oil markets witnessed a sharp decline after the US president announced the reopening of the Strait of Hormuz and reported positive progress in talks with Iran, triggering optimism across international financial markets.

According to foreign media reports, the price of Brent crude fell to $88 per barrel following the announcement.

Market experts said easing tensions in the Middle East and assurances regarding the restoration of supply routes helped calm investor concerns.

Analysts believe the significant drop in crude oil prices could lead to lower petroleum prices worldwide and provide relief from rising inflation, offering support to the global economy.

Meanwhile, stock markets in New York, London, and across Asia reacted positively to the development, with major indices recording strong gains.

Shares of international companies also improved amid expectations of smoother global trade and shipping routes.

President Donald Trump stated that his top priority is ensuring the safe passage of ships belonging to neutral and affected countries. In a message shared on social media, he said US representatives were engaged in highly positive discussions with Iran, which could pave the way for greater peace and stability in the region.