Energy prices declined on Thursday following US President Donald Trump’s announcement that planned strikes on Iran had been canceled after Tehran agreed to elevate talks “to the highest level” of its leadership.

Brent crude futures, which had traded above $90 for around a month, fell below that level, dropping 3.8% as of 17:45 GMT, The Caspian Post reports, citing Anadolu.

West Texas Intermediate (WTI) crude also declined by 3.6% to $86 per barrel.

Heating oil prices fell by 4% to $3.5 per gallon, while the TTF benchmark for European natural gas prices dropped by 1.9% to €49 per megawatt-hour.

In a post on the US-based social media platform Truth Social, Trump said: “Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening.”

He added that discussions and final points had been approved “in both concept and great detail” by all parties involved, including the US, Israel, Saudi Arabia, UAE, Qatar, Türkiye, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.

“The naval blockade will remain in full force and effect until this transaction is finalized - time and place of the signing to be announced shortly,” he said.

Earlier, Trump had stated that the US “will be hitting Iran… very hard tonight,” and suggested plans to seize control of Iran’s main oil export facility at Kharg Island.