Commodities
Trump Calls Off Strike on Iran, Oil Prices Plummet
Oil prices plummeted over 5% on Monday as US President Donald Trump announced he had called off a planned strike on Iran.
The decision came after Tehran and other Middle Eastern countries requested that any attack be put on hold, citing the parameters of an agreed-upon deal.
According to Trump's post on Truth Social, the proposed agreement includes the 'Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT' and an end to Iran's nuclear threat.
Brent crude futures for October delivery lost 4.63% to $83.86 a barrel, while West Texas Intermediate futures for September delivery declined 5.59% to $79.94 per barrel.