Oil Prices Plummet as Trump Hints at Nuclear Deal with Iran
Oil prices plummeted on Monday after US President Donald Trump announced he was holding off on further attacks on Iran, seeking to reach a quick deal that would halt Tehran's nuclear ambitions and reopen the vital Strait of Hormuz.
Brent crude futures slid $4.08, or 4.64%, to $83.85 by 2352 GMT while US West Texas Intermediate crude was at $80.66 a barrel, down $4.01, or 4.74%.
The price drop comes after a surge in oil prices last month due to heightened security concerns and deterring shippers from entering the Gulf to load oil.
Trump said on his Truth Social platform 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 and an end to Iran's nuclear threat.