Oil Prices Plummet as US Announces New Iran Talks

US President Donald Trump announced on Sunday that new talks with Iran will begin on Monday to end the Middle East war and reopen the Strait of Hormuz.

The war, which began in late February when the United States and Israel attacked Iran, has caused oil prices to swing sharply as it effectively closed the waterway, a vital route for global oil and gas supplies.

Oil prices tumbled nearly 5% on Monday in early Asia trade following Trump's announcement. The price of a barrel of Brent North Sea, the benchmark international oil contract, for September delivery fell 4.69% to $83.81.

Trump said on Sunday that fresh negotiations with Iran will begin on Monday after holding off on major strikes against the Islamic republic to pursue a deal.