Oil Prices Plummet as Trump Halts Iran Strikes

Oil prices plummeted on Monday as US President Donald Trump put off new strikes against Iran. The move came after Tehran agreed to negotiate a deal that would curb its nuclear ambitions and restore passage through the Strait of Hormuz.

The ProShares Ultra Bloomberg Crude Oil ETF (UCO) saw its price drop by over $5 per barrel, while crude oil futures prices also fell. This decline in oil prices is attributed to the reduced tensions between the US and Iran following Trump's decision to hold off on new military actions.

OPEC+ has approved an increase in output, which may further contribute to the downward pressure on oil prices. The impact of this development on the energy market will be closely watched by investors and traders.