WTI plunges US$10 after Trump delays planned strike on Iran’s power plants
WTI and Brent fell more than 10% on March 23, 2026 after Donald Trump said he would postpone any strike on Iran’s power and energy infrastructure for five days amid talks.
Global oil prices sank, with New York-traded West Texas Intermediate (WTI) sliding more than 10% on March 23, 2026, after US President Donald Trump said he would delay a planned attack on Iran’s power plants for five days, citing “constructive” negotiations aimed at easing the Middle East conflict.
The comments came just hours before a deadline seen as carrying the risk of a sharper escalation.
The WTI May contract fell US$10.10, or 10.28%, to settle at US$88.13 a barrel. The Brent May contract dropped US$12.25, or 10.92%, to settle at US$99.94 a barrel.
Trump wrote on Truth Social on Monday that he would pause any attacks on Iran’s power plants and energy infrastructure for five days while the United States holds talks with Iran.
He said the United States and Iran had held “effective” discussions over the past two days about ending hostilities in the Middle East, and described the talks as detailed and constructive, adding they would continue throughout the week. He said he had directed the US Defence Department to delay “any and all” military strikes on Iran’s power plants and energy infrastructure for five days, depending on the success of ongoing meetings and negotiations.
Trump’s statement sent WTI, Brent, gasoline and diesel sharply lower after prices had surged earlier on fears of escalation, following his warning of a strike on Iran’s nuclear power plants if the Strait of Hormuz was not reopened.
Iran had responded by warning it would attack Israeli power plants and energy sites supporting US bases in the Middle East if the United States carried out Trump’s threat to destroy Iran’s energy infrastructure.
The war involving Iran, the United States and Israel has damaged key energy infrastructure in the Persian Gulf region and left shipping through the Strait of Hormuz severely disrupted. Analysts have estimated Middle East oil output could fall by 7-10 million barrels per day.
However, reports said two tankers bound for India were able to pass through the Strait of Hormuz on Monday, carrying LNG from the United Arab Emirates and Kuwait.
Tight oil supplies have also pushed the US government to temporarily ease sanctions affecting Russian and Iranian oil already in transit. Refineries in India were reported to be planning to resume purchases of Iranian oil, while other Asian refiners were considering similar moves.
