Crude oil prices declined sharply on Friday after U.S. President Donald Trump announced a temporary pause on deciding whether the United States would join Israel’s military campaign against Iran. The delay has given markets a momentary sense of relief amid fears of a broader Middle East conflict.
Trump, speaking through White House Press Secretary Karoline Leavitt, said he would take two weeks to evaluate diplomatic options with Iran before making any move. Leavitt emphasized the president’s preference for diplomacy but warned that he was still prepared to use force if needed.
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The announcement followed a tense week of escalating violence between Israel and Iran. Financial markets interpreted the pause as a potential opening for diplomatic engagement, prompting an immediate reaction in the oil sector. Brent crude dropped 2.4% to $76.94 a barrel, while WTI slid 1.9% to $73.62.
Despite the decline, analysts cautioned that the situation remains fragile. “President Trump’s two-week ‘thinking window’ is no cooling-off period — it’s a ticking volatility clock,” warned Stephen Innes of SPI Asset Management. Elsewhere, diplomatic efforts were underway, with European ministers planning a Geneva meeting with Iran to seek de-escalation.
