Oil falls over 6% as Trump predicts Middle East de-escalation

Group 1 - Oil prices fell over 6% after reaching a three-year high, with Brent futures down $6.51 (6.6%) to $92.45 per barrel and WTI down $6.12 (6.5%) to $88.65 per barrel [1] - The surge in oil prices to $119 per barrel was driven by supply cuts from Saudi Arabia and fears of disruptions due to the U.S.-Israeli conflict with Iran [1] - President Trump predicted a quick resolution to the Middle East conflict, which eased concerns about prolonged oil supply disruptions [1] Group 2 - Gulf oil producers, including Iraq and Kuwait, have begun cutting production, with Iraq reducing output by 70% to 1.3 million barrels per day [1] - The G7 nations are prepared to take necessary measures in response to rising oil prices but have not committed to releasing emergency reserves [1] - Analysts expect crude oil to remain volatile, trading within a range of $75 to $105 in the near term [1]