Oil Prices Plummet on Resumption of US-Iran Peace Talks

Oil prices plummeted over 5% on Monday after US President Donald Trump announced that peace talks with Iran would resume. The move eased concerns about further disruptions to energy supplies from the Middle East, causing a sharp decline in crude prices.

International benchmark Brent crude dropped to around $83.40 per barrel as of 0605GMT, while US benchmark West Texas Intermediate (WTI) declined 6% to $79.60. The price drop was attributed to prospects of renewed diplomacy and the easing of concerns over supply disruptions.

Trump stated that key US allies in the region, including Saudi Arabia, had urged him to suspend the planned military strike against Tehran and prioritize negotiations. He also reiterated his call for the Strait of Hormuz, one of the world's most important oil transit routes, to be reopened swiftly.