Oil prices experienced a significant drop after U.S. President Trump indicated that the conflict with Iran has essentially ended. Following his remarks, WTI crude oil prices fell from a peak of $119.5 per barrel during the Asian trading session to $81.7 per barrel in the U.S. session, marking an 11% decline. This sudden price movement led to the liquidation of $29.21 million in CL crude oil contracts within an hour, according to Coinglass data.