Global oil prices drop as Trump hints at end to Iran war

International oil prices have fallen after US President Donald Trump indicated that the war against Iran "may end very soon".

After reaching a four-year high on Monday, March 9, oil prices retreated today. Brent crude, which had climbed to $119.50 per barrel, quickly dropped to $98.96 by the end of the day.

The past 24 hours in global markets were highly volatile. Benchmark crude oil prices crossed $100 per barrel for the first time since Russia's invasion of Ukraine in 2022.

This triggered major sell-offs in major Asian and European stock markets. New York's Wall Street also came under pressure at the start of the day.

Then Trump, who has been closely monitoring market conditions, began speaking. In an interview with CBS News, he claimed that the war against Iran is "almost on its way to ending".

The impact of falling oil prices was also felt in Asian stock markets. At the opening of trading on Tuesday, Japan's Nikkei-225 index rose nearly 2.8 per cent and South Korea's Kospi index gained more than 5 per cent.

Analysts say many Asian countries are major importers of Gulf region oil. As a result, markets in the region had been under pressure for several days due to high fuel prices. The drop in oil prices has brought some relief to investors.