Oil Prices Plummet as Trump Calls Off Planned Strike on Iran
Global oil prices plummeted by over $4 per barrel after US President Donald Trump announced that a planned military strike on Iran had been called off. According to market reports, the decline followed Trump's remarks that diplomacy was his preferred option for addressing tensions with Iran.
The US president said the planned attack was cancelled after requests from Saudi Arabia, the United Arab Emirates, Qatar, and other regional stakeholders. He expressed his preference for reaching an agreement rather than pursuing military action, stating 'diplomacy is my preferred option'.
Trump added that several US allies in the Middle East also supported diplomatic efforts. He mentioned that agreements were already in place regarding the Strait of Hormuz and said he believed a deal to prevent Iran from developing nuclear weapons could also be reached.