U.S. oil prices fall more than 9% after Trump agrees to suspend attacks on Iran for two weeks

U.S. crude oil prices tumbled Tuesday evening after President Donald Trump agreed to suspend attacks on Iran for two weeks.

The West Texas Intermediate contract for May delivery fell more than 9% to $102.63 per barrel by 6:43 p.m. ET.

“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump said in a social media post.

Trump had vowed to bomb every bridge and power plant in Iran if its leaders did not meet his 8 p.m. ET deadline. The president’s rhetoric took an ominous turn Tuesday morning when he threatened to destroy Iran’s entire civilization.

“A whole civilization will die tonight, never to be brought back again,” Trump said in a social media post. “I don’t want that to happen, but it probably will.”

Pakistan Prime Minister Shehbaz Sharif had asked Trump to delay his deadline by two weeks to allow negotiations to continue. Sharif asked Iran to reopen the Strait during that period as a goodwill measure.

Oil exports through the Strait have plunged due to attacks by Iran on commercial ships, triggering the largest disruption of crude supplies in history.

About 20% of global oil supplies passed through Strait before the U.S. and Israel attacked Iran on Feb. 28. The narrow sea route connects producers in the Persian Gulf to global markets.

U.S. oil prices have soared more than 60% since the war began. Jet fuel, diesel and gasoline prices have also also surged. Oil CEOs and analysts have warned that fuel shortages will ripple around the world if the Strait does not fully reopen.