Brent crude oil futures fell more than 3%, slipping below $100 per barrel in the first trading session of April, after a record monthly surge in March. The decline was driven by hopes of de-escalation in the Middle East. President Trump told reporters that US forces could begin withdrawing from Iran within two to three weeks and suggested that a deal with Tehran might be achievable, though not essential to ending the conflict.
Uncertainty persisted, however, as additional US troops were deployed to the region. Tehran stated that no formal peace talks were underway but indicated it was prepared to end the war if its conditions were met. Markets are now focused on Trump’s nationally televised address on the Iran conflict scheduled for later today.
In the latest sign of regional tensions, Iranian drones struck fuel tanks at Kuwait International Airport, igniting a major fire and causing damage, adding to a series of recent attacks on energy infrastructure. Separately, API data showed that US crude inventories jumped by 10.263 million barrels last week.
