US-Iran war news: Trump says oil prices plunge $10 in biggest-ever drop, claims Iran wants settlement as pressure mounts

US-Iran war news: US President Donald Trump has claimed that oil prices have fallen by USD 10 in a single day, describing the decline as the biggest in history. He also said that Iran wants to reach a settlement as soon as possible as US pressure on the country continues.

In a post on Truth Social, Trump said, "Oil prices are dropping like a rock, Iran wants a settlement as soon as possible."

In another statement, the US President said, "Oil today is down USD 10, which is the biggest drop in oil in history..."

Trump also indicated that oil prices could decline further as pressure on Iran continues.

Trump claims Iran's military capabilities neutralised

Trump said that Iran's navy and air force have been neutralised amid the ongoing conflict. He also claimed that Iran is facing extreme economic distress and is looking for an early settlement.

The US President's remarks come amid heightened tensions involving Washington and Tehran, with developments in the conflict continuing to influence global oil market sentiment.

Brent crude oil at USD 105 per barrel

Brent crude oil was trading at around USD 105 per barrel, keeping global energy markets in focus amid the ongoing conflict involving Iran. Oil prices have remained sensitive to developments in the region due to concerns about potential disruptions to global energy supplies.

Dollar under pressure as oil prices slump

Oil prices have remained in focus as the conflict involving Iran raises concerns about potential disruptions to global energy supplies.

The dollar wavered alongside oil prices on Tuesday on hopes for a diplomatic breakthrough between the US and Iran, while the Aussie ‌was steady ahead of the Reserve Bank of Australia's rate decision.

Brent crude futures plunged more than 7 per cent on Monday in their sharpest single-day drop in months, after Tehran said its contacts with the US aimed at ending their eight-month war were continuing.

The yield on the benchmark US 10-year Treasury note was steady at 4.9145 per cent, while ⁠that on the 30-year bond was also flat at 5.2868 per cent. Both had dipped to their lowest levels in nearly two months in the previous session.

The dollar index , which measures the currency against a basket of currencies including the yen and the euro, last traded a shade weaker at 101.76 after dropping to a one-month low on Monday.