Oil prices fall in response to U.S. President Donald Trump’s statement that he has called off planned strikes on Iran. According to reports, the move reduces investor expectations of near-term disruption related to Middle East tensions, leading traders to scale back the geopolitical risk premium embedded in oil futures. CNBC reports that oil declines by more than 4% after Trump calls off the planned strike. Al-Monitor reports a sharper move, with oil dropping around 5%, citing Trump’s decision to suspend planned strikes on Iran following a request from Tehran and other Middle Eastern countries. Al-Monitor also notes that a deal involving the Strait of Hormuz is agreed, referencing efforts to ease regional risk. Both sources link the price decline directly to the change in U.S. posture toward Iran, rather than to domestic demand or supply factors. The overall coverage indicates that markets react quickly to shifts in geopolitical risk, and that expectations of reduced escalation drive the selloff in crude.