New York, March 23 (QNA) - Global oil prices fell steeply on Monday, retreating by around 10% after US President Donald Trump announced a delay to possible military action targeting energy infrastructure in Iran.

Brent crude futures dropped by $12.23, or 10.90%, to settle at $99.96 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude fell by $10.10, or 10.28%, to close at $88.13 per barrel.

Markets reacted swiftly to the announcement that any strikes on Iranian energy facilities would be postponed for five days, a move seen as reducing the immediate risk of supply disruptions in the region.

Analysts said the sharp decline reflects easing geopolitical concerns, as traders recalibrated expectations around potential conflict and its impact on global oil flows. (QNA)