Global oil prices experienced a sharp drop of nearly 9% after President Donald Trump signaled that the ongoing US-Iran conflict may be approaching a resolution. Brent crude tumbled to $92.50 per barrel, while US oil futures fell to $88.60, correcting Monday`s surge to $119.50, the highest since the Russia-Ukraine war. Despite the sharp drop, oil prices remain around 30% above pre-conflict levels, highlighting ongoing market volatility and energy supply concerns. President Trump also issued a stern warning to Iran against disrupting the Strait of Hormuz, promising a force twenty times stronger, signaling that tensions remain a key factor influencing global oil and stock markets. WATCH