Oil Prices Drop as Trump Reverses Threat to Strike Iran

Oil prices slid on Thursday after President Trump backed down from threats of further attacks on Iran and claimed that a peace agreement was close.

Oil prices had already been volatile Thursday morning after the United States and Iran exchanged fire for a second straight day, and Mr. Trump threatened further attacks would come that evening, heightening fears that the two countries could slide back into broader conflict.

But Mr. Trump’s abrupt shift in tone prompted a sharp reaction in financial markets. Stocks lurched higher and government bond yields fell.

Article source: https://www.nytimes.com/2026/06/10/business/oil-gas-price-iran.html