Trump Calls Off Strike on Iran, Oil Prices Plummet
Oil prices plummeted on Monday after US President Donald Trump announced he called off a planned strike on Iran. West Texas Intermediate futures fell over 6% to $79.49 per barrel, while Brent crude futures dropped nearly 5% to $83.73 a barrel.
In a Truth Social post, Trump explained that the decision was made after receiving a request from Tehran and other Middle Eastern countries. The proposed agreement would involve the 'Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT' and an end to Iran's nuclear threat, according to the president.
The US and Iran were set to hold negotiations on Monday, but Iran's Foreign Ministry spokesman Esmaeil Baghaei denied that talks with Washington were planned. Instead, Tehran was only discussing a route for ships through the Strait of Hormuz with Oman.