Crude Prices Plummet as Trump Calls Off Iran Strikes

Crude oil prices plummeted on Monday after President Trump called off planned strikes on Iran. The easing of tensions in the Middle East led to a sharp decline in crude and gasoline prices.

The September WTI crude oil contract fell by -4.33 (-5.11%) and September RBOB gasoline dropped by -0.1475 (-4.74%), reaching a three-week low for gasoline.

Iran's progress in negotiations with Oman to reopen the Strait of Hormuz also weighed on crude prices, as President Trump stated that this was Iran's 'last chance' to sign an agreement.

Despite some recovery later in the day after President Trump's comments, crude prices remained under pressure due to the potential reopening of the Strait and easing tensions.