Oil plunges as Rubio signals Washington prefers peaceful end to war
Brent crude fell 7.7% to $104.66 a barrel by midday in New York after Marco Rubio said President Trump “hasn’t made a decision” on renewed military action and that the administration “would prefer to do it peacefully”. West Texas Intermediate slid below $97. Abbas Araghchi said an agreement was achievable if Washington “demonstrates goodwill”.
The move unwinds much of last week’s war premium. Momentum followed a letter from Vice-President JD Vance to Mohsen Rezaei, and a proposal backed by Qatar, Pakistan, Saudi Arabia, Egypt and Turkey that would grant UN nuclear inspectors site access in exchange for sanctions relief. President Pezeshkian said the Supreme Leader had authorised the government to pursue dialogue, though Ayatollah Khamenei simultaneously urged the armed forces to meet threats with an immediate response. Rubio stressed that military options remain available.