Trump Cancels Iran Attack, Oil Prices Crash by Over $4

Oil prices plummeted more than $4 in the international market after US President Donald Trump cancelled his planned attack on Iran's infrastructure. According to Reuters, Brent crude oil price fell by $4.08, or 4.64 percent, to $83.85 per barrel as of 11:52 PM GMT on Sunday. Similarly, US West Texas Intermediate crude oil price dropped by $4.01, or 4.74 percent, to $80.66 per barrel.

Last month, both types of crude oil saw prices surge by over 20 percent following the US airstrikes on Iran and Tehran's retaliatory attack on several oil-carrying ships in areas around Oman. However, after Trump decided to halt the proposed attack, market concerns about supply disruptions eased somewhat, leading to a decline in oil prices.