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Oil plunged about 10% to a one-week low after Trump said he would postpone strikes on Iranian power plants for five days. Brent fell to $100.80 and WTI to $88.95.
Analysts estimated a loss of 7 to 10 million barrels per day of Middle East output.
The war has effectively halted Hormuz shipping, so the price drop reflects only a temporary easing of supply fears, and energy and biofuel costs that affect feed prices could rebound quickly.
rte.ieRTÉ NewsMar 23, 2026After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Oil plunged about 10% to a one-week low on March 23 after Trump postponed strikes, directly explaining the decline as lower war-risk supply premium.
