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Oil Dives as Trump Eases Iran Threats, Hints at Possible War End
Posted
March 23, 2026
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7:37Now PlayingOil fell sharply on Monday, again posting one of the biggest price swings on record, after US President Donald Trump said he was holding off on striking Iranian power plants and was negotiating a potential end to the war. Brent and West Texas Intermediate both tumbled more than 14% before clawing back some losses, with the global benchmark closing below $100 for the first time in almost two weeks. Trump’s announcement on Truth Social kicked off a dramatic trading session, with the US president backing off a threat of hitting Iranian infrastructure. Iran, for its part, repeatedly denied it was negotiating with the US to end the conflict. Energy markets have been pitched into turmoil since the US and Israel launched the war in late February, with Iran virtually blocking the vital Strait of Hormuz, a transit artery for about a fifth of the world’s oil and liquefied natural gas supply. Bloomberg News Managing Editor for Energy and Commodities Americas Simon Casey joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec.
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