Trump Announces Talks to End Middle East War, Oil Prices Plummet

Oil prices plummeted on August 3 in early Asia 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 United States 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.

At around 2250 GMT (6.50pm Malaysian time) on August 2, the price of a barrel of Brent North Sea, the benchmark international oil contract, for September delivery was down 4.69 per cent at US$83.81 (RM342).

The American equivalent, West Texas Intermediate, fell 4.67 per cent to US$80.72.