Oil Prices Plummet on Trump's Iran Strike Pause

Oil prices plummeted on Monday after US President Donald Trump announced he was pausing a planned strike on Iran, sending shockwaves through global markets.

The move came amid diplomatic efforts to ease tensions in the Middle East. West Texas Intermediate futures for September delivery took a hit, falling 4.5% to $80.89 per barrel, while Brent crude futures for October delivery declined 4.4% to $84.1 per barrel.

Trump's announcement on Truth Social had a significant impact on the oil market, with investors reevaluating geopolitical risk premiums.

'We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to,' Trump said.