Brent crude falls to $96 as Trump orders delay in military action on Iran

March 23 (AL JAZEERA) - Oil prices fell by ⁠more than 13 percent after ⁠Trump said he would order the military ‌to postpone any strikes against Iranian power plants and energy infrastructure.

Brent crude futures had ⁠fallen about $17, or ⁠15 percent to a session low of $96 a barrel ⁠by 11:08 GMT ⁠while US ⁠West Texas Intermediate had fallen $13, or about 13.5 percent, ‌to a session low of $85.28.

This comes after oil prices had spiked above $100 per barrel as Iran’s attacks on vessels had de facto closed the Strait of Hormuz.