Global Oil Prices Fall Today After Sharp Earlier Rise

Global oil prices experienced a weakening today after a significant surge previously. The movement in world crude oil prices was influenced by increasing hopes for peace in the Middle East, following a statement by the President of the United States (US), Donald Trump, regarding the Iran conflict. Quoted from CNBC, Friday (17/4/2026), the price of US crude oil (West Texas Intermediate/WTI) for May delivery was recorded to have fallen 1.45% to $93.32 US per barrel. Meanwhile, the Brent oil price for June delivery weakened 1.11% to $98.36 US per barrel. The WTI oil price had risen $3.40 US or 3.7% to $94.69 US per barrel. The rise in global oil prices in the previous session was triggered by increasing geopolitical tensions. The conflict between the US and Israel against Iran has caused major disruptions to global energy supplies, particularly related to oil prices in the Strait of Hormuz, which were affected by hindered ship traffic in that strategic route. Trump on Thursday (16/4/2026) stated that “the war in Iran is going very well,” while also reiterating optimism that the conflict, which began on 28 February, would soon end. Previously, Trump announced via social media Truth Social that Israel and Lebanon had agreed to a 10-day ceasefire starting at 17.00 local time. Israel’s war against Hezbollah became a crucial point in the negotiations that previously failed between the US and Iran last weekend in Pakistan. Trump added that Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun would be invited to the White House for talks described as the first meaningful negotiations between the two countries since 1983. These efforts also include enhancing border security and reaffirming Israel’s right to self-defence.