Brent and WTI crude oil prices dropped sharply on the decentralized exchange Hyperliquid after President Donald Trump unexpectedly halted planned military strikes against Iran. WTI fell to $81, while Brent slipped to $83, retreating dramatically from last month’s high of $100. The move came after reports that Saudi Arabia’s Crown Prince Mohammed bin Salman and other Gulf allies urged de-escalation, a scenario markets are calling TACO (Trump Always Chickens Out).
Earlier, media outlets including CBS and The Wall Street Journal had reported that Trump approved multi-week strikes on Iranian energy infrastructure, aiming to pressure Tehran into a deal. Iran warned it would retaliate by targeting critical Gulf infrastructure—including desalination plants, oil facilities, and power grids—raising fears of a humanitarian crisis alongside economic turmoil. However, Trump paused the attacks, citing requests from Iran and Middle Eastern partners. Iran dismissed claims of progress in negotiations, insisting no direct talks are taking place.
Meanwhile, WTI crude is holding near $79 as broader peace efforts in the Middle East and signals from OPEC+ to gradually unwind production cuts cap any upward momentum. The combination of easing geopolitical tensions and a looser supply outlook has kept prices rangebound. Immediate support for WTI is seen at $78.50, with resistance at the psychologically important $80 level. Traders are closely watching inventory data and demand signals for further direction.
From a technical standpoint, Brent’s four-hour chart shows a drop below the 50- and 100-period EMAs after retesting the cup-and-handle pattern’s upper boundary. Prices could extend declines toward $80 or lower if bearish momentum persists, though the fluid nature of the conflict leaves markets vulnerable to sharp reversals.
