•Global crude oil prices, which surged to nearly $119 per barrel due to Middle East tensions, plummeted by up to 11% in a single day.
•US President Donald Trump's statement, suggesting the Middle East conflict could end soon, triggered a significant shift in market sentiment.
•Brent crude fell over 10% to $88/barrel, while US WTI crude dropped about 11% to $84/barrel after Trump's remarks.
•Experts warn that even after the conflict, normalizing oil supply could take time, as restarting shut-down wells is a lengthy process.
•Discussions include easing sanctions on Russia and utilizing strategic petroleum reserves to stabilize the market, while the Strait of Hormuz remains a major risk.
