The recent surge in crude oil prices, driven by the conflict in Iran, has taken a sharp turn as U.S. President Donald Trump announced that the end of the conflict is near. On Monday, the price per barrel for Brent crude exceeded $100, inching towards $120, but saw a significant drop following Trump's remarks, settling around $93 by Tuesday morning. This fluctuation highlights the highly sensitive nature of oil markets in response to geopolitical developments.

Iran has cautioned that it will continue its strikes, and the Iranian Revolutionary Guard has threatened to hinder oil shipments through the Strait of Hormuz if U.S. and Israeli strikes persist. Trump has indicated that the U.S. will respond with even greater strikes against Iran, signaling a potential escalation in military actions that could further impact oil supply and prices. Analysts are closely monitoring these developments, recognizing the critical importance of this region in global oil supply chains.

Saudi Arabia's Aramco, the world's largest oil company, has warned that continued disruptions in the Strait could have 'catastrophic' effects on global oil markets and the world economy. Japan's Finance Minister Satsuki Katayama stated that G7 energy ministers would discuss oil supply security soon, underscoring the international community's concern over the stability of oil supply amid rising tensions in the Middle East. The ongoing situation remains fluid and the oil markets are likely to experience continued volatility due to the interplay of geopolitical tensions and energy security considerations.