Oil Prices Drop 14% After Trump Pauses Iran Strikes, Tehran Denies Talks With US

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Crude oil prices fell sharply after US President Donald Trump said Washington was holding talks linked to the Iran conflict and had decided to pause planned strikes on Iranian energy infrastructure, easing fears of an immediate escalation. According to Bloomberg, Brent crude dropped about 14 per cent after the announcement, falling to around 96 dollars per barrel. Trump later told Fox News that discussions involving US envoy Steve Witkoff and Jared Kushner had taken place, even as Iran insisted there was no direct dialogue with Washington and blamed the US for the crisis.

Oil Drops After Strike Pause

Global oil markets reacted quickly after Trump said the United States would postpone strikes on Iranian power plants and energy facilities for five days while diplomatic efforts continued. The fall in prices came after weeks of volatility triggered by tensions around the Strait of Hormuz, one of the world’s most important oil routes.

Brent crude fell nearly 14 per cent, reversing earlier gains driven by fears that a wider conflict in West Asia could disrupt supply. Traders saw the pause in military action as a sign that the situation may not escalate immediately, even though uncertainty remains high.

Any threat to shipping through the Gulf region usually pushes prices up, making markets highly sensitive to every statement from Washington or Tehran.

Iran Denies Talks With US

Iran rejected Trump’s claim that talks were underway, saying there was no dialogue between Tehran and Washington. A statement from the Iranian Foreign Minister Abbas Araghchi, carried by Mehr news agency, said Trump’s comments were part of an effort to reduce energy prices and buy time to prepare military action.

The statement added that some regional countries had proposed initiatives to reduce tensions, but said those concerns should be directed at Washington, which it described as the side that started the conflict.

Trump, meanwhile, told Fox News that White House envoy Steve Witkoff and Jared Kushner had taken part in talks, and that foreign ministers from regional countries had separately spoken to Witkoff and Iranian Foreign Minister Abbas Araghchi.

Iran maintained that it would continue its defence until deterrence is achieved, signalling that despite the temporary pause in strikes, tensions in the region remain high.