Oil prices slide after Trump delays planned Iran strike

May 19, 2026 (MLN):  Oil prices declined on Tuesday after U.S. President Donald Trump revealed that a proposed military operation against Iran had been delayed, reducing concerns over a possible escalation in the Middle East that could threaten global oil supplies.

Currently, Brent crude futures are down by $1.5, or 1.35%, to $109.82 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are down by $1.55 or 1.48%, to $102.83 per barrel by [9:40 am] PST.

The decision came after appeals from the leaders of Qatar, Saudi Arabia, and the United Arab Emirates, who urged Washington to avoid immediate military action.

Speaking on Monday, he said a “planned strike on Iran” scheduled for the following day had been put on hold, according to CNBC.

The remarks helped calm energy markets, where traders had been increasingly concerned that renewed conflict between the United States and Iran could jeopardize crude shipments and destabilize the region.

Prior to Trump’s statement on Truth Social, there had been no strong public signals suggesting that the U.S. was preparing for near-term military action against Tehran.

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