Oil prices dropped below the $100 per barrel threshold after U.S. President Donald Trump indicated that Iran was open to negotiations, helping to calm fears of potential supply disruptions.

Brent crude for May delivery dipped just under $100 per barrel shortly after Trump’s comments, declining by about 4 per cent within minutes.

In recent weeks, prices had climbed sharply amid the ongoing conflict involving Iran, at one point nearing $120 per barrel.

Prior to the tensions, Brent crude had remained within the $60 to $70 per barrel range for several months.

The increase in oil prices has driven up the cost of fuels, including petrol, diesel, and heating oil.

Trump told reporters that Iran was willing to engage in dialogue.

“We’re actually talking to the right people, and they want to make a deal so badly, you have no idea how badly they want to make a deal,” he said.

Iran had earlier dismissed any readiness for negotiations, and there was no immediate official reaction from Tehran following Trump’s recent remarks.

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