Abu dhabi: Oil prices fell by more than 5% in early Asian trading after US President Donald Trump called off a planned strike on Iran, aiming to reach a quick agreement with the country. According to Emirates News Agency, Brent crude futures dropped $5.52, or 6.28%, to $82.41 per barrel. Meanwhile, West Texas Intermediate (WTI) crude futures fell $5.27, or 6.22%, to $79.40 per barrel. The decision by the US President to halt military action against Iran has introduced a sense of optimism in the markets, suggesting potential diplomatic resolutions might be on the horizon. This development has had immediate repercussions on oil prices, bringing them down substantially during the early hours of Asian trading. The market's response indicates a recalibration of risk assessments and future projections concerning oil supply disruptions.