U.S. President Donald Trump stated that the war against Iran would be "short-lived," speaking during a press conference.
U.S. oil futures plummeted to below $90 a barrel following the settlement, after peaking at over $119 earlier in a volatile trading session.
This sharp decline followed remarks by President Trump in which he expressed his belief that the war waged by the United States and Israel against Iran is "largely complete."
Markets stabilized as the world's largest economies considered coordinated efforts to secure emergency energy supplies.
Trump’s comments suggested a potential move toward de-escalating and seeking an end to the conflict.
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