Trump Cancels Attack on Iran, Oil Prices Plunge Immediately

Oil prices fell more than 13% on Monday after US President Donald Trump stated he would order the military to delay an attack on Iran’s power plants and energy infrastructure. According to Reuters on Monday (23/3/2026), Brent crude futures dropped around $17, or 15%, to $96 per barrel at 11.08 GMT. Meanwhile, US West Texas Intermediate (WTI) crude fell $13, or about 13.5%, to $85.28 per barrel. This decline came after oil prices had surged above $100 per barrel due to Iran’s attacks on ships that effectively closed the Strait of Hormuz. The move followed Trump’s statement on Truth Social that both governments had held “very good and productive talks regarding a full resolution of the conflict” in the Middle East, more than four weeks after the conflict began. Trump added that all military strikes on Iran’s power plants and energy infrastructure would be delayed for five days, depending on the success of the ongoing meetings and discussions. Previously, Trump had threatened further attacks on Iran’s energy infrastructure in a Truth Social post on Saturday night. The Iranian parliamentary speaker warned of retaliatory strikes in the region in response.