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Oil Prices Plunge Amid Iran Talks

Guavy AI Editorial Team
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Oil
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Oil prices plunged nearly 5% on Monday after US President Donald Trump announced new talks with Iran, seeking a quick deal to halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.

The Brent crude futures dropped $4.08, or 4.64%, to $83.85 by 2352 GMT while US West Texas Intermediate crude fell $4.01, or 4.74%, to $80.66 a barrel.

In a sign of de-escalation, Trump said Iran and other Middle Eastern countries had asked for time to complete a deal that would lead to the reopening of the vital strait and an end to Iran's nuclear threat.

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