{"id":133975,"title":"Oil plunges as markets rally on hopes of Iran deal","publisher":"Share Talk","author":"sharetalk","published":"2026-03-23T14:40:10+00:00","modified":"2026-03-23T14:41:57+00:00","canonical_url":"https://www.share-talk.com/oil-plunges-as-markets-rally-on-hopes-of-iran-deal/","markdown_url":"https://www.share-talk.com/oil-plunges-as-markets-rally-on-hopes-of-iran-deal.md","json_url":"https://www.share-talk.com/oil-plunges-as-markets-rally-on-hopes-of-iran-deal.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["Brent Crude","Citigroup","Crude prices","diesel","Donald Trump","Emmanuel Macron","energy price cap","gas","Iran","Islamic Republic’s Navy","Israel","Israeli media","Keir Starmer","Middle East","Middle East conflict","Middle East crisis","Mohammad Akbarzadeh","Ofgem","oil","OPEC","petrol","Qatar","RAC","Rachel Reeves","Revolutionary Guard Corps","Russian","Saudi Arabia","Strait of Hormuz","Tehran","UAE","UK","Ukraine","United States","US Navy"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/03/HCuIXnqW4AAaSJM.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Oil prices** tumbled and stocks rebounded after Donald Trump signalled progress in talks with Iran.\n\n**Brent crude slumped 14% to $96 a barrel**, having traded as high as **$114 earlier in the day**, after Trump said the US would **delay strikes on Iranian energy infrastructure for at least five days**.\n\n**US crude prices** dropped sharply, hitting their **lowest level in over a week** as tensions in the Middle East showed signs of easing.\n\n**WTI crude fell 9.7% to $88.72 a barrel**, after Donald Trump announced a **five-day delay to planned strikes on Iran’s energy infrastructure**. The move has eased immediate supply concerns, sending oil lower as markets begin to price in the possibility of a diplomatic breakthrough.\n\nThe shift in tone lifted equities, with the FTSE 100 rising **0.4%**, reversing earlier losses of more than **2%** following the weekend’s escalation.\n\nTrump said the US and Iran had held **“very good and productive conversations”** over the past two days, raising hopes of a potential resolution to the conflict.\n\nHe added that military action would be paused while negotiations continue, marking a sharp turnaround from his earlier ultimatum demanding Iran reopen the **Strait of Hormuz**."}