Trump Announces Iran Talks Amid Oil Price Plunge

Oil prices plummeted on Monday in early Asian trade after US President Donald Trump announced fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz.

The conflict, which began in late February when the US and Israel attacked Iran, has caused oil prices to swing sharply as it effectively closed the waterway, a vital route for global oil and gas supplies.

The price of Brent North Sea crude oil, the benchmark international oil contract, fell 4.69% to $83.81 per barrel for September delivery.

West Texas Intermediate also dropped 4.67% to $80.72 per barrel.