Oil prices fell to a three-week low after former President Donald Trump cancelled a planned military strike on Iran. The decision has been linked to a reduction in geopolitical tensions in the Middle East, lowering the perceived risk of disruptions to oil supplies. Global benchmarks Brent and West Texas Intermediate (WTI) both declined, with Brent trading between $82 and $84 per barrel and WTI between $79 and $81 per barrel, down approximately 4% to 6% during the session. Market participants have reassessed the likelihood of crude oil reaching new all-time highs, with odds dropping to 3.9% as of September 30.
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