Oil Prices Plummet as Trump Calls Off Iran Attack

Oil prices plummeted to a three-week low on Monday after US President Donald Trump announced he was holding off on launching fresh attacks on Iran in favor of pursuing a nuclear deal.

Brent crude futures fell by 7% to settle at $83.77 per barrel, while US West Texas Intermediate (WTI) crude dropped 5.1% to $80.34. This marks the lowest close for Brent since July 13.

Trump's decision was seen as a surprise move, as he had previously announced plans for 'massive attacks' on Iran before calling them off at the last minute.

Russia, meanwhile, is increasing its protection of ships in the Azov-Black Sea basin and developing alternative routes, following a sharp escalation of attacks at sea by both sides in the war in Ukraine.