Oil Prices Plummet as Trump Calls Off Potential Attack on Iran

Oil prices plummeted by $4 a barrel on Monday after US President Donald Trump called off a potential attack on Iran, seeking to reach a quick nuclear deal.

Brent crude futures slid $4.08, or 4.64%, to $83.85, while U.S. West Texas Intermediate crude dropped $4.01, or 4.74%, to $80.66.

The move comes after a significant surge in oil prices last month following renewed fighting between the US and Iran, as well as attacks on several tankers around Oman that heightened security concerns.

Trump said late Saturday that Iran and other Middle Eastern countries had asked for time to complete a deal that would lead to 'the Immediate, Complete and Total' reopening of the Strait of Hormuz and an end to Iran's nuclear threat.