Oil Prices Plunge on Trump's Iran Talks Announcement

Oil prices continued their decline on Tuesday after US President Donald Trump announced that talks between the US and Iran were ongoing to end the Middle East conflict. Brent crude futures fell by 3.9% to $84.88 a barrel, while West Texas Intermediate (WTI) dropped by 3.2% to $79.99 a barrel.

The decline came after Trump said he had decided to pause strikes against Iran to give negotiations another chance. He also expressed optimism that talks would make progress, saying there was a 'good chance' of success. However, it remains unclear if any substantial discussions have taken place.

Tensions in the region remain high despite the optimism surrounding the talks. The drop in oil prices followed a day after traders were concerned about satellite images showing smoke at Saudi Arabian energy sites after recent attacks on the kingdom.