U.S. crude oil futures experienced a significant decline in the latest trading session, with prices settling substantially lower than the previous close. The energy commodity faced selling pressure that resulted in a notable percentage drop for the session.

Trading Session Performance

The crude oil futures market recorded the following performance metrics for the session:

The settlement price of $59.19 per barrel represents a substantial decline from the previous session, with the $2.83 drop translating to a 4.56% decrease. This level of volatility demonstrates the dynamic nature of energy commodity markets.

Market Impact

The 4.56% decline in U.S. crude oil futures represents a significant single-session movement for the energy commodity. Such price movements in crude oil futures often reflect various market factors including supply and demand dynamics, geopolitical developments, and broader economic conditions affecting energy markets.

The settlement at $59.19 per barrel establishes a new reference point for crude oil pricing, with market participants likely to monitor subsequent trading sessions for potential continuation or reversal of this downward trend. Energy market volatility continues to be a key factor for traders and investors tracking commodity price movements.

Oil prices experienced sharp declines on Thursday following remarks by US President Donald Trump that appeared to ease concerns about potential military action against Iran, a major crude producer. The comments helped reverse recent gains that had been driven by geopolitical tensions in the region.

Oil Market Performance

The main US oil contract showed significant weakness during Thursday's trading session:

WTI crude briefly fell more than 5% during the session before recovering slightly. The decline came after crude prices had surged in recent days amid concerns over possible disruption to global supplies.

Geopolitical Factors

Trump's remarks suggested a shift away from potential military intervention in Iran. The President indicated that he had been told the killings of protesters in Iran had stopped. Previous statements about coming to the aid of the Iranian people during demonstrations had sparked market concerns about supply disruptions.

"Oil prices are trading sharply lower after Trump signalled he is not taking military action against Iran," noted Victoria Scholar, head of investment at Interactive Investor.

Broader Commodity Impact

The volatility extended across commodity markets beyond oil:

• Silver: Plunged more than 7% in Asian trading after hitting a record high above $93.75 per ounce
• Gold: Dipped from recent record highs, affected by reduced safe-haven demand

The precious metals decline was also influenced by Trump holding off on imposing tariffs on critical minerals.

Technology Sector Boost

Despite commodity weakness, technology stocks found support from strong corporate earnings. Taiwan Semiconductor Manufacturing Company (TSMC) reported forecast-beating fourth quarter net profit, helping lift investor sentiment in the sector.

The tech-heavy Nasdaq Composite jumped nearly 1% as New York trading commenced. "A strong set of results from Taiwan Semiconductor Manufacturing Company quickly shifted the mood, reminding markets that enthusiasm around artificial intelligence and long-term growth themes remains very much alive," said Forex.com analyst Fawad Razaqzada.

US Labor Market Data

Labor Department data provided additional market context, showing first-time unemployment claims dipped back under 200,000 last week. Briefing.com analyst Patrick O'Hare noted this "corroborates a low firing-low hiring environment that will keep the Fed on watch but also on hold in terms of a rate cut this month and possibly until June."

With US inflation running above the Federal Reserve's 2% target and both labor market and economic conditions remaining stable, policymakers have indicated they will likely maintain current interest rates at this month's meeting.