Trump Cancels Iran Attack Plans as Oil Prices Plummet
US President Donald Trump claimed on August 1 that Iran had asked for talks to be held off, but Iranian officials say no negotiations are underway. The US and Israel launched a joint military operation called 'Epic Fury' against Iran's leadership on February 28, targeting over 1,000 targets inside the country. Iran has responded with retaliatory strikes across the Middle East.
The global oil benchmark, Brent crude futures, fell by 4.2% to $84 a barrel after Trump announced that he would cancel attacks on Iran, subject to making a deal. The US benchmark, WTI, was down 5% to $80 a barrel. The average price of regular gas in the US is now $4.0950 per gallon.
The joint operation aimed to topple Iran's regime, led by Ayatollah Ali Khamenei, and prevent the country from acquiring a nuclear weapon. Trump said that negotiations would take place on Monday afternoon, but Iranian Foreign Ministry spokesperson Esmaeil Baghaei denied any talks were underway.