Oil Prices Plummet as Trump Announces Possible Iran Deal

Oil prices plummeted after President Donald Trump announced that US forces would hold off on new strikes against Iran, claiming that a deal to end the conflict 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.

The conflict in the Middle East has lasted over five months and has had a significant impact on global oil prices, with prices swinging widely since the US and Israel launched attacks on Iran in late February.

As the fighting continued, high oil prices seeped into the cost of gasoline, jet fuel, and other products that rely on diesel.