An Omani NH90 military helicopter patrols the Strait of Hormuz off Khasab in Oman’s northern Musandam peninsula on June 25, 2025. Giuseppe Cacace/AFP via Getty Images
After surging rapidly, crude oil prices crashed on Monday following U.S. President Donald Trump’s suggestion that the Iran war was nearing its end.
In the futures market, crude oil prices surged past the $100 per barrel level on Sunday and hit a high of nearly $120 amid tensions in the Middle East. Prices then dropped to the low 80s on Monday, with crude oil trading at $89.38 per barrel as of 9:35 p.m. EDT.
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