Port of Muscat, Oman [Yonhap News]

International oil prices fell for the first time since the US airstrikes on Iran, influenced by US President Donald Trump's statement that a war with Iran would end soon.

On January 10 (US Eastern Time), West Texas Intermediate (WTI) crude for April delivery closed at $83.45 a barrel on the New York Mercantile Exchange, down $11.32 (11.94%) from the previous session.

This marks the first decline in oil prices since the US airstrikes on Iran on January 28. In terms of trading days, it was the first drop in eight trading days since February 27. On the same day, WTI fell as low as $76.81 (-18.95%) during intraday trading.

This is because the possibility of supply disruptions for Middle Eastern crude oil has diminished. President Trump stated at a press conference the previous day that the war with Iran "is going to be ended soon."

The International Energy Agency (IEA) also convened an emergency meeting of its major member countries on the same day.

In a statement, the IEA explained that the purpose was "to assess the current supply security and market conditions and to establish a basis for subsequent decisions on whether to release emergency stockpiled oil from IEA countries into the market."

Adding to this, as news emerged that the US Navy had successfully escorted a tanker through the Strait of Hormuz, WTI broke below the $80 mark.

US Secretary of Energy Chris Wright stated on his X (formerly Twitter) account on the same day, "The U.S. Navy successfully escorted tankers transiting the Strait of Hormuz to ensure the uninterrupted flow of oil supplies to global markets."

However, WTI rose back above the $80 mark after Secretary Wright deleted the post and the Islamic Revolutionary Guard Corps (IRGC) of Iran denied Wright's claims. The White House also clarified that Wright's post was not factual.

"The geopolitical risk premium that has been priced in over the past week is being unwound somewhat," commented Warren Patterson, Head of Commodities Strategy at ING.

Meanwhile, in its monthly report released today, the US Energy Information Administration (EIA) projected that Brent crude prices would trade above $95 for the next two months. However, it estimated that prices would fall to around $70 by the end of the year.