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Oil prices pulled back Tuesday after U.S. President Donald Trump revealed he had halted a planned military strike on Iran, easing immediate fears of a wider regional conflict while keeping markets on edge over uncertain negotiations.
International benchmark Brent crude and U.S. benchmark West Texas Intermediate (WTI) both dropped more than 1%, trading at $110.3 and $103.2 per barrel, respectively, as of 5:55 a.m. GMT.
Markets across Asia opened mixed as investors weighed the latest developments between Washington and Tehran. Japan’s Nikkei 225 slipped 0.7%, while South Korea’s Kospi fell 2.7%. Hong Kong’s Hang Seng and China’s Shanghai Composite, meanwhile, edged higher by 0.3% and 0.4%.
European and U.S. futures showed limited movement, with Pan-European Stoxx 50 futures rising 0.1% while futures tied to major U.S. indexes hovered in negative territory.
Precious metals also moved lower after recent gains. Gold eased 0.4% after rebounding toward $4,600, while silver dropped 1.4% to $76.6 per ounce. Palladium declined 1% to $1,400 and platinum slipped 0.6% to $1,960 per ounce.
Cryptocurrencies posted modest gains, with bitcoin climbing 0.2% to $76,900 and ethereum adding 0.9% to $2,130.
Trump announced on Monday that he had called off a planned strike against Iran that had been scheduled for Tuesday after Gulf leaders urged Washington to give diplomacy more time.
He noted that leaders from Qatar, Saudi Arabia, and the United Arab Emirates had pushed for a delay because "serious negotiations" were underway with Tehran. Still, Trump warned that the U.S. military remained ready to move ahead quickly if talks collapse.
"I instructed the U.S. military to be prepared to go forward with a full, large-scale assault of Iran, on a moment’s notice, in the event that an acceptable deal is not reached," he wrote on Truth Social.
Despite the softer tone, negotiations between the U.S and Iran remain stalled. According to reports, Washington rejected Tehran’s latest proposal on Monday, which Iran had relayed through mediator Pakistan in an attempt to establish a framework for renewed talks aimed at ending the conflict.
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