Global oil prices dropped sharply (WTI down 5.11%, Brent down 4.73%) after Trump cancelled planned Iran strikes and signalled negotiations, though Iran denied talks were underway. The move reflects competing uncertainties: potential easing of Middle East tensions and Strait of Hormuz reopening could lower energy costs for Asian SMEs, but contradictory statements and unresolved disputes mean sustained price volatility remains likely. OPEC+ production increases add further downward pressure on crude markets.