Oil Prices Plummet as Trump Calls Off Attack on Iran
Oil prices plummeted by about 5 percent on Monday to their lowest level in three weeks after US President Donald Trump decided not to launch a fresh attack on Iran.
The price drop was triggered by the announcement, with Brent futures falling $4.19, or 4.8 percent, to $83.74 a barrel at 12:40 p.m. ET (1640 GMT), while US West Texas Intermediate (WTI) crude fell $4.92, or 5.8 percent, to $79.75.
The decline in oil prices was partly due to the start of the less expensive October futures as the front-month after the more expensive September contract expired on Friday.
In a statement, Iran's Foreign Ministry spokesman Esmail Baghaei rejected claims that talks were underway with the United States, stating that no negotiations with the US were taking place and no meetings were scheduled.