Commodities
Oil Prices Plummet as Trump's Iran Threats Send Markets into a Tumble
The fragile hope for improved US-Iran relations was crushed on Tuesday when President Donald Trump reiterated that a peace deal might not be possible until after the US midterm elections in November.
Trump's comments, which included his warning to 'annihilate' Iran if no agreement is reached, sent oil prices plummeting. Brent crude dipped 40 cents to $99.94 per barrel by 1507 GMT, while West Texas Intermediate fell 36 cents to $95.43 per barrel.
The US President's hardline stance against Iran was also underscored by a warning from the Iranian government that facilitating attacks on the country would have 'dangerous consequences' for European nations hosting US military bases.