Global oil prices end near an 8-week low as Trump backs away from his threat of strikes on Iran

Global oil prices slipped to near an eight-week low after Trump suspended planned strikes on Iran. The president had threatened to seize Kharg Island and other Iranian oil infrastructure to control energy markets. The reversal came after he suggested talks with Iran's leadership were progressing toward a possible deal. Analysts noted that markets were already pricing risk, limiting upside for Brent. Brent traded near $90 per barrel, down from earlier spikes near $95. Analysts described the move as market fatigue rather than a disruption of supply. Gary Cunningham of Tradition Energy questioned whether Iran could be forced to export under U.S. control. Some experts said Trump's threats were primarily aimed at pressuring negotiations. More precisely, Trump floated taking Kharg Island before retreating. The tweets sparked volatility as traders weighed the odds of a negotiated settlement. The August Brent contract rose briefly before settling near the session low. Overall, the price action shows how political rhetoric can influence commodity markets globally.