Oil Prices Crash 7% as Trump Calls Off Iran Strike

Oil prices plummeted on Monday after US President Donald Trump announced that fresh talks with Iran would begin on Monday, following his decision to call off a planned military strike against the Islamic Republic.

Brent crude for October delivery fell as much as 7.3% during early Asian trading, with West Texas Intermediate (WTI) crude trading below $81 a barrel.

The move came after Trump said that he had cancelled the planned large-scale military strike on Iran after key Middle Eastern allies, including Saudi Arabia, urged Washington to prioritise diplomacy.

Oil markets have remained highly volatile, with Brent crude witnessing sharp price swings of around $32 last month after hostilities resumed following the collapse of a June ceasefire.