After Trump made remarks regarding Iran, crude oil futures plummeted.

Brent crude futures fell sharply after US President Trump said he had instructed the US military to defer any and all military strikes against Iranian power plants and energy infrastructure for five days after discussions about ending the war with Iran. The global benchmark oil price fell by more than 14% to $96 per barrel, before narrowing some of the losses. Since the end of February, the energy market has been in turmoil, with the key Strait of Hormuz almost completely blocked. This has led to what the International Energy Agency called the largest ever oil supply shock, with the rise in fuel prices even surpassing that of crude oil. If tensions cool down, some supplies could be restored, but much will depend on when ship owners are willing to resume navigation through the Strait of Hormuz.