Oil prices fall 1.7% as Trump aims to end Iran conflict

Oil prices fell 1.7% after US President Donald Trump announced intentions to end the Iran conflict. According to CNBC on 29 May 2026, West Texas Intermediate (WTI) crude fell 1.73% to close at US$87.36 (approximately Rp 1.55 million) per barrel, while Brent crude dropped 1.77% to US$92.05 (approximately Rp 1.6 million) per barrel.

This decline is seen as an initial sign of the Middle East conflict’s resolution. “Iran must agree to allow the US to dig up and destroy enriched uranium buried under rubble from last year’s US and Israeli attacks,” Trump said.

Both the US and Iran have agreed to extend the ceasefire for 60 days. Iran does not trust Trump’s statements, which they claim could violate mutual commitments. “Military escalation has occurred after President Trump again mixed threats with diplomacy in a way that has become characteristic of this conflict,” reported Times of India on Thursday.

Washington is currently focused on disarming Iran’s nuclear capabilities. Tehran stated that its uranium is solely for peaceful purposes. “The nuclear issue, the main trigger of the war, will be the top priority during the 60-day negotiation period,” it said.

Both sides share the same ultimate goal: ending the war.