Oil prices fell 2% on Tuesday, May 19, 2026, after United States President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East.
Brent futures for July delivery fell $2.26, or 2%, to $109.84 a barrel at 0352 GMT, while U.S. West Texas Intermediate crude for June delivery fell $1.22, or 1.1%, to $107.44.
In the previous session, the benchmarks hit their highest levels since May 5 and April 30, respectively.
The June WTI contract expires on Tuesday, while the most active July contract fell $1.63 or 1.6% to $102.75 per barrel.
Trump said on Monday there was a “very good chance” the U.S. could reach an agreement with Iran to prevent Tehran from obtaining a nuclear weapon, hours after announcing the pause in military action to allow talks.
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“While Trump’s signal has eased some immediate pressure, the fundamental risks persist. The market is now watching whether Trump’s comments represent a genuine shift toward de-escalation or just a tactical pause,” said Tim Waterer, chief market analyst at KCM Trade.
The Middle East conflict has effectively closed the Strait of Hormuz, a critical waterway that carries about a fifth of the global supplies of oil and liquefied natural gas, raising concerns over supply disruptions.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed on Monday that Tehran’s position had been conveyed to the U.S. via Pakistan but provided no further details.
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