Brent crude traded below $90 a barrel on Tuesday for the first time since August, as oil markets moved after President Donald Trump said further U.S. military action against Iran did not appear necessary and that the conflict could end soon^2,3.

CNBC said Brent, a global benchmark, was 2.65% lower at $90.14 at 5:33 a.m. ET after January contracts dipped below $90 earlier, while U.S. West Texas Intermediate was down 2.4% at $84.78². The National said Brent briefly slipped under $90 before trading at $90.32 at 1:33 p.m. UAE time, with WTI 2.27% lower at $84.77³.

The Guardian reported oil at its lowest since late August and said equities rose as markets reacted to Trump's remarks on the Iran conflict¹. A separate Guardian Washington report covered the president's Monday comments after talks with Qatar⁴.

Trump spoke at the White House on Monday after meeting Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani^2,3. CNBC quoted him saying, "I think it's going to be ending fairly soon," and, "Iran militarily is effectively over"². The National quoted him saying further military action "doesn't seem to be a very necessary thing"³.

CNBC said Trump wrote on Truth Social that Qatar, Saudi Arabia, the UAE, Bahrain and Kuwait would "prefer the status quo," described as keeping a naval blockade and restricting Iran's ground routes for advanced weapons². The National, citing IG chief technical analyst Axel Rudolph, said Brent extended Monday's near 6% drop after Trump indicated he would delay further strikes following appeals from regional leaders³.

Rudolph said the U.S. naval blockade in the Strait of Hormuz remained in place, so markets still faced supply risk if tensions rose or shipping through the waterway were disrupted³. CNBC cited ING strategists Ewa Manthey and Warren Patterson saying regional oil flows were recovering and that reports Iran may be softening its position on Hormuz had reduced concerns about a prolonged disruption². Fereidun Fesharaki, chairman of FGE, told CNBC he still did not see a U.S.-Iran peace deal².

CNBC said the U.S.-Iran conflict was nearly nine months old and that crude had swung from about $60 a barrel early in the year to as high as $130 during earlier strikes². What a lasting settlement would look like, and whether the blockade would be lifted, was not established in these reports^2,3.