Oil Tumbles on Trump-Iran Talks Hopes

Oil prices plummeted by over six percent on Monday after US President Donald Trump announced his intention to restart talks with Iran in an effort to end the ongoing war in the Middle East.

The decline in oil prices was triggered by Trump's statement, which sparked hopes of a potential deal to ease tensions between the two nations and led investors to reassess their risk appetite.

Crude futures fell sharply, with West Texas Intermediate dropping 6.6 percent to $79.07 per barrel and Brent North Sea Crude declining 5.2 percent to $83.37 per barrel.

The market reaction was largely driven by the potential for lower interest rates as a result of lower oil prices, which boosted stock markets in New York and Europe but weighed on tech stocks in Asia due to concerns over over-investment in artificial intelligence.