Oil Prices Plunge 15%: Brent Crude Drops to USD 96 As Donald Trump Pauses Iran Strikes
Global oil prices crashed today, March 23, with Brent crude dropping 15 per cent to USD 96 after US President Donald Trump delayed strikes on Iran for five days, citing "productive" talks. The de-escalation sparked a relief rally, sending Gift Nifty up over 1,000 points (4.75 per cent), while gold and silver prices rebounded from session lows as supply fears eased.
New Delhi, March 23: Global oil prices plunged sharply on Monday, with Brent crude falling over 13 per cent, after US President Donald Trump announced a temporary halt on military strikes against Iran and said talks between the two countries were “productive”. Brent crude futures dropped by around USD 17, or nearly 15 per cent, to touch a session low of USD 96 per barrel, while US West Texas Intermediate crude fell about USD 13, or 13.5 per cent, to USD 85.28.
The sharp fall came as fears of supply disruption eased following signs of de-escalation in the ongoing conflict. US President Donald Trump said he has instructed the Department of Defense to postpone planned airstrikes on Iranian power plants and energy infrastructure for five days. He said the decision was taken after “very good and productive conversations” between the United States and Iran over the past two days. Strait of Hormuz Crisis: US President Donald Trump Cites ‘Productive Conversations’ With Iran in New Deadline Extension.
Gift Nifty futures also followed suit and surged to 23,533.50 as against the last close of 22,465, recording a 1,068.5-point or 4.75 per cent upside. Around 5.20 pm, the Gift Nifty futures were 853.50 or 3.80 per cent higher at 23,318.50. In a post on Truth Social, Trump said the pause in military action depends on the progress of ongoing discussions aimed at resolving hostilities in the Middle East.
He indicated that the decision was based on the “tenor and tone” of the talks, suggesting a possible diplomatic breakthrough. Gold and silver prices in both the MCX and international markets bounced back sharply after Trump’s announcement to delay military strikes on Iranian power plants. In the global market, spot gold trimmed its losses and was down 2.6 per cent, recovering from a steeper 5 per cent decline earlier. Gold, Silver Prices Plunge up to 6% in India on Global Weakness, Rupee Hits Record Low of 93.84 Against US Dollar Amid Rising US-Iran Tensions.
On the domestic front, MCX gold also saw a strong rebound, cutting its losses to around 3 per cent after falling nearly 10 per cent earlier in the session.
(The above story first appeared on LatestLY on Mar 23, 2026 05:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).