Oil Prices Tumble as Trump Orders US Forces to Halt Strikes Against Iran

Oil prices plummeted on Sunday night after President Donald Trump announced that US forces would hold off on new strikes against Iran. This news has sparked hope for a resolution to the conflict, which has lasted over five months and has trapped oil tankers in the Persian Gulf.

The price of U.S. crude oil fell 5% to $80.79 per barrel, while Brent crude dropped 5% to $83.87 per barrel. These prices have been swinging wildly since the US and Israel launched attacks on Iran in late February, with oil prices reaching as high as over $100 per barrel during the spring.

The conflict has had a significant impact on global markets, causing fuel supplies to run low in some countries and leading to rationing and sporadic closures of schools and government offices. Motorists have paid more at the pump due to higher gas prices, while customers have shelled out more for airfare due to increased jet fuel costs.

Oil and gas companies have amassed huge profits during this time, but oil prices remain about 20% higher than before the conflict began.