Oil Prices Plummet as Trump Announces Hold on Iran Strikes

Oil prices plummeted on Sunday after US President Donald Trump announced that he would order US forces to hold off on new strikes against Iran, stating 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, while Brent crude, the international standard, fell by 5% to $83.87 per barrel.

This sharp decline comes after oil prices had been swinging wildly since the US and Israel launched attacks on Iran in late February, with prices pushing past $100 per barrel multiple times during the spring.

Trump's announcement could potentially give oil shippers the ability to send vessels out of the Persian Gulf, where tankers carrying oil and other products have been trapped due to the conflict.