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Trump Cancels Strikes, Oil Prices Plummet Amid Peace Deal Hopes

Guavy AI Editorial Team
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Oil prices plummeted to a three-week low on Monday after US President Donald Trump announced that he had called off strikes on Iran, sparking fresh hopes of peace talks.

The announcement led to a nearly 6% drop in Brent crude oil prices, which fell below $83 per barrel. At one point, the price dropped to around $81.50 per barrel, marking the lowest level in three weeks.

The Strait of Hormuz transit route has been effectively blocked by Iran's attacks on vessels attempting to pass through, but Trump said that Middle East allies had reached a deal to end the five-month war and reopen the route.

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