Oil Prices Plummet as Trump Announces Delayed Iran Strike

Oil prices plummeted on Monday after US President Donald Trump announced that a planned military strike against Iran had been delayed and new diplomatic efforts would begin.

The price of Brent crude, the international benchmark for oil, fell by nearly 5% to $83.73 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped over 5% to around $80.34 per barrel.

Traders had previously priced in the possibility of a wider regional conflict, but Trump's announcement removed part of this 'war risk premium' from oil prices.

The Strait of Hormuz remained a major concern for market sentiment, as any disruption there could have significant consequences for global energy supplies and the economy.