Oil Prices Plummet as Trump Holds Off on Iran Attack
Oil prices plummeted on Monday after US President Donald Trump announced that he would hold off on a fresh attack on Iran, seeking to reach a quick deal to halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures slid $4.49, or 5.11%, to $83.44 by 0408 GMT while US West Texas Intermediate crude was at $79.77 a barrel, down $4.90, or 5.79%.
Both contracts had jumped more than 20% last month after fighting between the US and Iran resumed and as attacks on several tankers around Oman heightened security concerns, deterring shippers from entering the Gulf to load oil.
In a sign of de-escalation, Trump said late on 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 vital strait and an end to Iran's nuclear threat.'