Global Oil Prices Plunge Immediately After Trump Delays Attack on Iran's Energy Infrastructure

Global oil prices plunged and stock markets recovered on Monday, 23 March 2026, after US President Donald Trump suddenly ordered a delay in the attack on Iran’s energy infrastructure. This decision came despite Trump previously setting a 48-hour deadline, only to later claim there were “very good” talks with Tehran.

Futures prices for crude oil initially fell more than 14% following Trump’s statement on the Truth Social platform, before trimming losses after Iran denied any negotiations.

Brent crude closed down 10.9% at US$99.94 per barrel, while West Texas Intermediate weakened 10.3% to US$88.13. Sam Stovall from CFRA Research assessed that Trump’s five-day pause for the attack on energy infrastructure provides an opportunity for stock market strengthening in the near term.

Asian and European markets had opened under pressure, but Trump’s latest statement—emerging after the close of Asian trading—drove gains in European and US exchanges.

This rally was somewhat restrained after Iranian media denied Trump’s claims and reported no talks between Tehran and Washington. The FTSE 100 index even closed lower due to pressure on the energy and defence sectors.

Meanwhile, Wall Street’s main indices, including the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average, closed higher, each rising more than one percent.

“It is very difficult to trade this market when Trump swings between massive escalation and declaring peace/victory… but the market is happy for now because we are not entering a new danger phase,” said Saxo UK strategist Neil Wilson.

Stovall added that in situations of such uncertainty, investors tend to make decisions “based on assumptions rather than facts.”

XTB research director Kathleen Brooks stated that if Trump’s remarks truly pave the way out of the conflict, “we could see a move back to US$90 per barrel for Brent in the coming days.”

However, she cautioned that oil prices will not immediately return to pre-conflict levels below US$70 per barrel, as repairs to energy infrastructure in the Gulf region will take time.