Commodities
Oil Prices Drop After Trump Orders US Forces to Hold Off on Strikes Against Iran
Oil prices plummeted after President Donald Trump announced he would order US forces to hold off on new strikes against Iran, claiming that a deal to end the fighting in the Middle East was near.
The price of U.S. crude oil dropped by 5% to $80.79 per barrel on Sunday night, while Brent crude, the international standard, fell by 5% to $83.87 per barrel.
The prolonged conflict has had a significant impact on global markets, with oil prices swinging wildly since US and Israeli attacks on Iran in late February. Oil prices reached as high as over $100 per barrel during the spring, leading to higher costs for gasoline, jet fuel, and other products.