Washington: Energy prices declined on Thursday following US President Donald Trump's announcement to cancel Iran strikes as Iran agreed to move talks "to the highest level" of its leadership. Brent futures, traded for above $90 for around a month, decreased to below $90 level, down 3.8% day-by-day as of 1745GMT. West Texas Intermediate (WTI) prices decreased by 3.6% to $86 per barrel. Heating oil prices declined by 4% to $3.5 per gallon while TTF, benchmark index for European gas prices, dropped by 1.9% to pound 49 per megawatt/hour.

According to Anadolu Agency, Trump announced on the US-based social media platform Truth that discussions with Iran have been elevated to the highest level of Iranian leadership and have received approval. As a result, the President decided to cancel the planned strikes and bombings against Iran. Trump stated that the discussions and final points have been approved in both concept and detail by all parties involved, including the US, Israel, Saudi Arabia, UAE, Qatar, Trkiye, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.

Trump also mentioned that the Naval Blockade would remain in effect until the transaction is finalized, with the time and place of the signing to be announced soon. Previously, Trump had indicated that the US planned to hit Iran hard, including a strategy to seize control of Iran's primary oil export facility at Kharg Island.