Global oil prices fell significantly on Monday, 23 March 2026, while European stock markets recovered following an announcement by United States President Donald Trump to suspend planned strikes on Iranian energy infrastructure.
Market sentiment shifted after Trump cited progress in diplomatic engagements with Iran, triggering a sharp reversal in earlier trading trends.
Crude oil prices, which had initially risen by about one per cent, plunged by as much as 14 per cent during the day.
As of 11:45 GMT, international benchmark Brent North Sea crude declined by 6.7 per cent to $104.70 per barrel.
Similarly, the US benchmark, West Texas Intermediate, dropped 6.9 per cent to $91.41 per barrel after previously climbing above the $100 mark.
European stock markets, which had earlier recorded losses of approximately 2.5 per cent amid escalating tensions between Washington and Tehran over the Strait of Hormuz, later rebounded.
Frankfurt’s stock exchange rose by 1.5 per cent, while Paris gained one per cent around midday trading.
In London, the FTSE 100 index remained largely unchanged, weighed down by losses in major energy companies including BP and Shell.
The shift in market direction followed Trump’s statement on ongoing diplomatic efforts.
The United States and Iran “have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East”, Trump wrote in all capital letters on his Truth Social platform.
