Oil prices fell sharply today, reversing the initial panic spike caused by fears of a deeper conflict between the United States and Iran, APA reports citing CNN.
US crude tumbled 4%, hitting session lows, after President Trump signaled tensions could be easing.
"Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world," Trump said in a highly-anticipated speech.
Crude briefly dipped below $60 a barrel after Trump's remarks, giving back all of the gains from last week's US drone strike that killed a top Iranian commander.
It's a dramatic pullback from the high of $65.65 late Tuesday after Iran lobbed missiles on bases in Iraq that house US troops.
Trump confirmed that no Americans were harmed in that attack, and rather than signaling a US military response, Trump vowed to impose new sanctions on Iran.