Commodities
Oil Prices Slide as Trump Delays Iran Strikes Amid Peace Talks
Oil prices fell sharply on Monday as markets reacted to President Donald Trump's announcement that he was holding off on ordering fresh strikes against Iran. The move signaled a potential deal to end the war and restore oil shipments through the Strait of Hormuz.
Trump said US allies in the Middle East had reached an outline for an agreement, which would include the immediate opening of the Strait and an end to Iran's nuclear threat. He added that negotiations would begin on Monday afternoon.
The news caused oil prices to slide, with West Texas Intermediate crude down about 6.2% to around $79.45 a barrel. Brent crude oil prices were down over 3.5% at around $79.30 a barrel.