International energy prices have been on a downward trend after US President Donald Trump announced a delay in possible military action against Iran. Brent crude and West Texas Intermediate — both benchmarks — began to decline on Friday morning.
According to market data, Brent crude prices fell about 1.5 percent to around $93 per barrel. On the other hand, West Texas Intermediate prices fell about 1.8 percent. The decline indicates a partial relief in the market after the sharp price increase in the previous day.
Analysts say investors have been reassured by the reduced risk of an immediate attack on Iranian energy facilities, especially the expectation that a potential conflict over the Strait of Hormuz could be temporarily averted.
But the overall situation remains uncertain. Oil prices have risen sharply since the conflict began in late February, adding to inflationary pressures in the global economy. Fears of supply disruptions and the prospect of a prolonged conflict have unsettled markets.
Major oil importers are currently closely monitoring the situation and are taking steps to increase reserves to counter potential risks. Analysts say this temporary market stability could quickly collapse if diplomatic progress is not made.