Global oil prices experienced a sharp drop of nearly 9&#37 after President Donald Trump signaled that the ongoing US-Iran conflict may be approaching a resolution. Brent crude tumbled to $92.50 per barrel, while US oil futures fell to $88.60, correcting Monday's surge to $119.50, the highest since the Russia-Ukraine war. Despite the sharp drop, oil prices remain around 30&#37 above pre-conflict levels, highlighting ongoing market volatility and energy supply concerns. President Trump also issued a stern warning to Iran against disrupting the Strait of Hormuz, promising a force twenty times stronger, signaling that tensions remain a key factor influencing global oil and stock markets. WATCH

President Donald Trump has raised temporary tariffs from 10&#37 to 15&#37 on U.S. imports after the Supreme Court struck down his earlier trade program. The new move relies on Section 122, a rarely used statute that allows tariffs up to 15&#37 for 150 days without prior congressional approval.