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Commodities

Oil Prices Plummet as Trump Announces Potential Iran Deal

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

The price of US 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 sharp decline comes after months of volatility in the oil market, with prices swinging wildly since the US and Israel launched attacks on Iran in late February.

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