Oil prices extend losses as Donald Trump cancels planned strikes on Iran, easing immediate geopolitical risk in markets. Multiple outlets report that Brent crude slips further, falling about $2.11 (around 2.3%) to roughly $88.27 per barrel, keeping prices below the $90 level. The move follows Trump’s decision to call off the planned action, which traders interpret as reducing the likelihood of disruptions to oil supply routes and production. The selloff reflects a market shift toward lower near-term risk premium, with investors watching whether additional developments change the outlook. While the articles focus on the price reaction to the cancellation, they provide limited additional detail on broader supply or demand fundamentals. Overall, the coverage indicates that the cancellation is the primary driver cited for the latest drop, with oil continuing to decline in response to reduced expectations of imminent military escalation.