WTI crude oil futures fall 2%, currently at $92.96 per barrel.

WTI crude oil futures fell 2% to $92.96 per barrel on Thursday, reflecting mixed signals from geopolitical developments and coordinated efforts to stabilize global oil markets. The decline followed comments by U.S. President Donald Trump, who indicated that military operations against Iran were "pretty much" over and suggested potential relief for supply disruptions in the Strait of Hormuz. Trump also hinted at the possibility of U.S. naval escorts for tankers through the critical shipping lane if needed, though no immediate action was announced.

The price drop occurred despite earlier volatility, with WTI surging above $119 per barrel earlier in the week amid attacks on tankers and heightened fears of supply disruptions. However, the market responded to Trump's remarks and statements from G-7 energy ministers, who confirmed readiness to release strategic oil reserves if necessary. The International Energy Agency (IEA) announced a historic 400 million barrel release from member nations' reserves, while the U.S. Department of Energy outlined plans to release 172 million barrels from its Strategic Petroleum Reserve over the coming months.

Geopolitical tensions remain elevated, with the Strait of Hormuz effectively closed to tanker traffic due to ongoing conflicts between Iran, the U.S., and Israel. Saudi Arabia and other OPEC+ members have curtailed production amid storage constraints, exacerbating supply concerns. Analysts noted that while the IEA's intervention aims to ease price pressures, its impact may take months to materialize. The market continues to balance short-term supply risks against long-term efforts to restore stability, leaving prices vulnerable to further swings based on military developments or policy actions.