Oil Prices Drop, Shares Rebound After Trump’s Iran Comments

The military operation against Iran is ‘very complete, pretty much,’ the president said.

A pump jack and drilling rig south of Midland, Texas, on June 11, 2025. Eli Hartman/Reuters

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.