Global oil prices tumbled sharply on Tuesday after US President Donald Trump hinted at a possible “conditional de-escalation” in the ongoing US conflict with Iran.

At the time of reporting, Brent crude had fallen 7.6% ($7.54) to $91.42 per barrel, while West Texas Intermediate (WTI) dropped 6.9% ($6.54) to $88.23 per barrel. Both benchmarks had briefly declined by nearly 12% earlier in the session before partially recovering.

The sell-off follows Monday’s surge, when Brent had climbed above $110 per barrel, hitting its highest level since mid-2022 due to supply cuts by Saudi Arabia and other producers amid the escalating US-Israeli conflict with Iran.

Market analysts noted that the previous spike reflected an overreaction, but the sharp decline may also underestimate the ongoing risks facing global oil supplies, highlighting the volatility of energy markets amid geopolitical tensions.