Trump Says US-Iran in Talks to End War, Global Oil Prices Plunge 11 Percent

Oil prices fell at the start of this week after President Donald Trump stated that the United States and Iran had held productive discussions about ending the war. Trump is also reported to have ordered a temporary halt to attacks on major energy infrastructure in the country for five days. Brent crude fell more than 11 percent to $99.71 US dollars per barrel after reaching $112 US dollars on Friday. Meanwhile, the price of West Texas Intermediate (WTI) crude futures fell more than 10 percent to $88.07 US dollars per barrel. “I am pleased to report that the United States and the Islamic Republic of Iran have had, over the past two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” Trump wrote in a Truth Social post, quoted from CNBC, local time Monday. “I have directed the Department of War to suspend all military strikes against Iran’s power plants and energy infrastructure for five days,” the post added. It is still unclear when the main shipping lanes will reopen. Goldman Sachs significantly raised its oil price forecast on Monday. The bank predicts Brent will average $110 US dollars in March and April. This projection is up from the previous estimate of $98 US dollars, or a 62 percent jump from the 2025 annual average. Goldman Sachs also increased its WTI forecast to $98 US dollars in March and $105 US dollars in April. “Assuming the Hormuz flow remains at 5 percent (of normal flow) until 10 April, prices are likely to trend higher during that period,” said Goldman analysts. If the Hormuz flow stays at 5 percent for 10 weeks, Brent daily prices could exceed the 2008 record high.