Oil Fell In Record Price After Trump's Statements

• 27.03.2026, 12:00

The hope of a truce is driving down prices.

Oil prices posted their fastest weekly decline in six months after U.S. President Donald Trump said he would suspend attacks on Iran's energy industry for 10 days.

According to Reuters.

Brent crude futures fell 84 cents, or 0.8 percent, to $107.17 a barrel as of 03:53 GMT, while U.S. West Texas Intermediate crude futures lost $1.02, or 1.1 percent, to $93.46 a barrel.

The two benchmarks traded 4.6 percent lower for the week, even as Brent rose 5.7 percent and WTI gained 4.6 percent on Thursday on concerns about further escalation of the war.

"Despite talk of de-escalation, oil trades based on the duration of the war, not just the headlines. Any direct damage to oil infrastructure or prolonged conflict could cause markets to quickly reprice," said Phillip Nova analyst Priyanka Sachdeva.

The war has deprived the world of 11 million barrels of oil a day, experts say, and the International Energy Agency describes the crisis as worse than the two oil shocks of the 1970s and the Russia-Ukraine gas war combined.

Analysts at the Macquarie Group said that if the war begins to fade soon, oil prices will fall quickly in the coming months but still remain above pre-conflict levels. However, they said prices could rise as high as $200 if the war drags on until the end of June.

"The pressure on the market is increasing by the day. Asian countries are utilizing buffer stocks and weighing demand adjustments," said Mukesh Sahdev, founder and chief executive of Australian consultancy XAnalysts.