Oil Prices Drop Over 3% Amid Trump's Comments on Exiting Iran Conflict

Crude oil prices plummeted more than 3% on Wednesday as investors reacted to President Donald Trump's remarks suggesting a possible U.S. withdrawal from the Iran conflict within weeks. U.S. West Texas Intermediate (WTI) crude for May delivery fell to $97.93 per barrel, reversing a strong upward trend seen in March. Brent crude for June delivery also dropped 3%, settling at $100.92 per barrel. The market had previously surged over 60% in March, marking its strongest monthly gain since 1988. The Strait of Hormuz, a vital oil transit route, remains largely closed due to ongoing hostilities, which have disrupted global energy supplies since February 28. Trump stated that U.S. military forces would leave Iran in 'two or three weeks,' signaling a potential shift in U.S. policy. This development has raised questions about the future of the conflict and its impact on global oil markets. Meanwhile, Iran's Revolutionary Guards announced plans to target U.S. companies in the region, including Google, Microsoft, Apple, Intel, IBM, Tesla, and Boeing. Analysts remain divided on the implications of Trump's comments. Some argue that an immediate withdrawal could be perceived as a strategic retreat, potentially affecting investor confidence. Others suggest that the continued closure of the Strait of Hormuz may still pose a significant threat to global oil supplies, regardless of U.S. military presence. The situation remains fluid, with further developments expected as Trump prepares to address the nation later in the day.