Oil Prices Plunge on Trump's Iran Talks Announcement

Oil prices plummeted in early Asia trade following US President Donald Trump's announcement of fresh talks with Iran to end the Middle East war. The conflict, which began in late February when the United States and Israel attacked Iran, has caused oil prices to swing sharply.

The waterway's closure effectively blocked a vital route for global oil and gas supplies, resulting in price fluctuations. At around 2250 GMT yesterday, the Brent North Sea benchmark international oil contract for September delivery dropped 4.69% to US$83.81 (RM342). The American equivalent, West Texas Intermediate, fell 4.67% to US$80.72.

Trump stated that negotiations with Iran would begin on Monday, without providing further details of the venue or participants.