Oil Prices Plummet After Trump Cancels Iran Attack

Oil prices plummeted to a three-week low on Monday after U.S. President Donald Trump called off a fresh attack on Iran in hopes of sealing a quick deal that could boost oil supplies from the Gulf.

Brent futures fell $4.41, or 5%, to $83.52 a barrel at 10:39 a.m., while U.S. West Texas Intermediate crude plummeted by $5.18, or 6.1%, to $79.49. This put Brent on track for its lowest close since July 13.

The Iranian government denied any talks with the United States, contradicting Trump's claim that negotiations would take place later in the day. The U.S. President had announced plans for 'massive attacks' on Iran over the weekend, only to cancel them at the last minute.