Global oil prices plunged in early Tuesday trading across Asian markets, following comments from U.S. President Donald Trump suggesting the war could end “very soon.”
Brent crude dropped by 8.5%, hitting $92.50 per barrel, while U.S.-traded oil fell around 9% to $88.60 per barrel. Despite the decline, prices remain 30% higher than at the start of the conflict.
The early dip in oil prices boosted Asian markets, with Japan’s Nikkei 225 index climbing 2.8% and South Korea’s Kospi surging more than 5%.
Asian markets had faced significant pressure from rising oil prices, as many countries in the region are major consumers of Gulf energy. The recent drop provides relief and optimism for investors in the region.
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