Oil prices fell toward $88 per barrel and global liquefied natural gas exports sank to a six-month low on Monday after US President Donald Trump said Washington was engaged in productive talks with Iran and had ordered a five-day delay to any military strikes on Iranian power stations and energy infrastructure. Brent crude fell nearly 11% to around $88.57 per barrel, while futures contracts dropped 14% following Trump’s remarks. Global LNG exports have meanwhile fallen to their lowest level in six months, wiping out recent supply increases from the US and elsewhere as the conflict chokes flows through the strait. Qatar was forced to shut the Ras Laffan LNG export terminal — the largest in the world — following Iranian attacks. A strike last week caused further damage to the facility, and repairs to two of its fourteen production lines are expected to take years.

Source: Daily News Egypt March 23, 2026 13:56 UTC