Global crude oil prices experienced a significant decline of nearly 2% following statements made by United States President Donald Trump, who ruled out the possibility of a fresh attack on Iran. In an interview with CNN, Trump expressed that renewed fighting with Iran is “highly unlikely,” a remark that has influenced market reactions as traders assess geopolitical risks associated with oil supply.

The announcement comes ahead of a scheduled meeting between Trump and Qatar’s Prime Minister, a key mediator in the region. This diplomatic engagement suggests a focus on stabilizing relations and addressing tensions that have previously affected oil markets. Trump's comments have provided some reassurance to investors concerned about the volatility in oil prices due to geopolitical conflicts.S2

As traders reacted to Trump's statements, the oil market showed signs of immediate response, reflecting the interconnected nature of geopolitical events and commodity pricing. The meeting with Qatar’s Prime Minister is set for Monday, and its outcomes could further influence market dynamics, especially if new agreements or assurances regarding regional stability are reached.S1S2