WTI crude futures fell nearly 10% to $81 per barrel in late afternoon trading, wiping out earlier gains of about 20%, after G7 finance ministers signaled the group “stands ready” to tap strategic oil reserves if necessary. The shift in sentiment was reinforced when President Trump said any war with Iran would be brief, implying that a large-scale U.S. economic response would likely be unnecessary. He is expected to hold a news conference later Monday. Earlier in the session, oil had climbed as high as $120 per barrel, its highest level since 2022, after major Middle Eastern producers began cutting output in response to disruptions in the Strait of Hormuz. With tanker traffic severely constrained, several key producers — including Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq — have started to scale back production as storage capacity is rapidly being exhausted.