Commodities
Oil Prices Plummet as Trump Announces Renewed Iran Talks
Oil prices dropped sharply on Monday following US President Donald Trump's announcement that peace talks with Iran would resume. This move eased concerns over disruptions to energy supplies from the Middle East, causing a decline in crude prices.
International benchmark Brent crude fell by more than 5% to around $83.40 per barrel as of 0605GMT, while US benchmark West Texas Intermediate (WTI) dropped 6% to $79.60.
The conflict between the US and Iran has been a major concern for oil markets this month. Prices surged about 25% in July after renewed hostilities shattered an interim peace agreement and intensified supply disruptions extending from the Strait of Hormuz to the Red Sea.