Oil Prices Plummet on Iran Talks and OPEC+ Output Boost

Oil prices plummeted on Monday as US President Donald Trump announced that talks with Iran would begin later in the day, easing concerns over tensions in the Middle East.

The news sparked a broad sell-off in oil, with Brent crude falling more than 4% to $83.88 a barrel.

This decline is largely due to the prospect of a diplomatic breakthrough, which has helped alleviate fears over disruptions to the Strait of Hormuz, one of the world's most important energy shipping routes.

Additionally, OPEC+ agreed on Sunday to increase their combined oil production by 188,000 barrels per day in September compared with August levels.