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#OilCrashes9% The trend #OilCrashes9% is viral because global crude oil prices plummeted by over 9% intraday during the Asian trading session. The market crash was triggered by President Donald Trump's sudden announcement over the weekend that he is halting planned U.S. military strikes on Iranian power plants and energy sites to give diplomatic peace talks space.The sudden de-escalation of the five-month-long U.S.-Iran war severely deflated the "war risk premium" built into global energy benchmarks. Prior to this, blockades and tanker attacks in the critical Strait of Hormuz—a chokepoint handling 20% of global oil supplies—had driven prices above $100 per barrel.