Trump Says Further US Attacks on Iran 'Highly Unlikely'

Global oil prices declined further on Tuesday after US President Donald Trump signalled a possible de-escalation of the conflict with Iran, describing the country's military position as "effectively over" and expressing optimism about ongoing negotiations to end the war.

Brent crude fell more than 1% to $91.50 per barrel, while US-traded West Texas Intermediate (WTI) declined 1.2% to $85.82 following Trump's remarks at the White House on Monday.

Trump said renewed US military attacks on Iran were "highly unlikely", adding that Washington was maintaining the current situation at the request of countries neighbouring Iran.

"We're just keeping it the status quo," he told reporters, while warning that US forces remained "locked and loaded" should circumstances change.

The president's remarks followed a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, during which both leaders discussed diplomatic efforts to end the conflict.

Al Thani described the discussions with Trump and Vice-President JD Vance as positive, saying they focused on reaching an agreement and restoring peace to the region.

Saudi Arabia, Qatar and the United Arab Emirates are among the Gulf countries affected by Iranian strikes since the conflict began, while threats of further attacks have disrupted air travel across the region.

Trump said he did not want the conflict to escalate further, citing the need to protect US allies in the Gulf. He also maintained that the US naval blockade of Iranian ports was helping to secure the region.

However, Iranian officials have repeatedly questioned Trump's previous claims about progress towards ending the war, leaving uncertainty over whether diplomatic efforts will produce a formal agreement.

The latest decline in oil prices extends the market reaction to Trump's post-election signals of de-escalation, as investors monitor developments in the Middle East and the potential implications for global crude supply.