Oil Prices Dip Amid Volatile Trading as Trump Addresses U.S. on Iran Conflict

Oil prices experienced a volatile session on Wednesday as traders braced for U.S. President Donald Trump's address to the nation on Iran. The market sought clarity on whether the American leader would signal a path toward de-escalation in the ongoing conflict. U.S. West Texas Intermediate crude futures for May dropped 0.43% to $98.42 a barrel as of 9:15 p.m. ET, while international benchmark Brent crude remained flat at $101.08 per barrel. Earlier, Trump posted on Truth Social that Iran had requested a ceasefire, raising hopes for increased oil tanker movement through the Strait of Hormuz. However, Iran denied Trump's claim, stating that the waterway would not be reopened based on the U.S. leader's 'absurd displays' and that the key transit route remains 'decisively and dominantly under the control of the IRGC Navy.' The two sides have frequently contradicted each other's claims about the existence and status of peace-deal talks since the war began. Trump has also sent conflicting signals, reportedly indicating that negotiations were close to producing a peace deal, while also suggesting the U.S. was prepared to escalate fighting by sending thousands of troops to the region. Brent crude dipped below $100 per barrel for the first time in a week after Trump said Tuesday evening that he expected the U.S. military to wind down operations against Iran in 'two or three weeks' and appeared to be declaring victory even without a negotiated deal with Iran. 'We'll be leaving very soon,' he said.