Brent Crude Falls 4.3% to $94.74 After Trump Signals No Prolonged Iran Conflict

Brent crude oil prices fell 4.3% on Tuesday to $94.74 per barrel, after having surged as high as $119.50 per barrel on Monday, putting global markets under pressure. The reversal came after statements by Donald Trump indicating the United States is not seeking a prolonged conflict with the Islamic Republic of Iran. As oil prices eased, Asian stock markets — which are highly sensitive to energy price increases — posted significant gains. South Korea's stock index rose nearly 5%, Japan's TOPIX gained more than 2%, and Hong Kong's Hang Seng rose about 1.6%. In financial markets, the value of the dollar fell 0.3% against major currencies, and the yield on the US 10-year Treasury bond reached 4.12%. The S&P 500 rose 0.8% during Monday's trading, though its Tuesday futures showed slight declines.