Trump Eases Iran Tensions, Oil Prices Plummet 5%
Oil prices plummeted after US President Donald Trump announced that he would hold off on ordering new strikes against Iran, citing pressure from allies in the region.
The price of Brent crude dropped by 5% to $83.49 a barrel following the announcement, which helped calm worries about inflation and eased pressure on Wall Street.
Trump's statement came after weeks of volatility in oil markets, with prices swinging wildly between $72 and $102 per barrel as concerns about the Iran conflict grew.