Oil plunges 10% after Trump signals Iran war will end soon

Oil prices plunged late Monday after President Donald Trump suggested the Iran war may be nearing an end. International benchmark Brent crude and US West Texas Intermediate futures were down about 10% at 9:48 p.m. ET, trading at $89.13 and $85.78 a barrel, respectively; both had fallen as much as 11% earlier in the day.

The sharp reversal followed a dramatic surge on Sunday night, when futures spiked to nearly $120 a barrel amid fears of supply disruptions at the Strait of Hormuz. Prices swung wildly on Monday before settling below $100 a barrel, as traders reacted to a stream of headlines out of Washington.

In an interview with CBS News, Trump said the war is "very complete, pretty much." He appeared to strike a different tone later in remarks to House Republicans in Miami and during a press conference, adding to market uncertainty. US stock futures edged lower as investors weighed the mixed signals: S&P 500 futures 6,791.50, down 0.14%; Dow futures 47,707.00, down 0.13%; Nasdaq futures 24,983.50, down 0.03%.

United States, Miami

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