Oil Prices Plummet as Trump Halts Proposed Strike Against Iran

Global oil prices plummeted on Monday after US President Donald Trump announced that a proposed military strike against Iran had been halted. This move eased immediate concerns over a wider conflict in the Middle East, leading to a sharp decline in oil prices.

According to Reuters, international benchmark crude prices dropped by more than $4 per barrel as investors reacted to signs of reduced geopolitical risk in the region. Brent crude declined by $4.08, or nearly 4.6%, to trade at $83.85 per barrel, while US West Texas Intermediate (WTI) crude fell by $4.01 to $80.66 per barrel.

The decline follows weeks of heightened volatility in the oil market. Last month, crude prices surged by more than 20% after the United States resumed strikes linked to Iran and Tehran-backed forces reportedly targeted multiple oil tankers near Oman, raising fears of supply disruptions through key shipping routes.