Geneva: Oil prices fell more than 2 percent in early Asian trading today after US President Donald Trump announced the suspension of a planned strike on Iran to allow room for negotiations to end the war. Brent crude futures for July delivery dropped $3.01, or 2.7 percent, to $109.09 per barrel, while US West Texas Intermediate crude futures for June delivery fell $1.38, or 1.3 percent, to $107.28 per barrel.
According to Oman News Agency, both benchmark contracts had reached their highest levels since 5 May and 30 April 2026, respectively, in the previous session. The June contract for US crude expires today, with the more actively traded July contract falling $2.06, or 2 percent, to $102.32 per barrel.