Trump Halt on Iran Attacks Sends Oil Prices Plummeting
US President Donald Trump announced on Saturday night that he's halting attacks against Iran and resuming talks to end the war. This decision led to a significant drop in oil prices, with Brent crude falling by about 5% to stand just above $83.50 a barrel, while West Texas Intermediate dropped 6% to clock in at $79.59 a barrel.
Trump stated that his administration was asked by Iran and other Middle Eastern countries to hold off any attack within the agreed deal, including the opening of the Hormuz Strait and an end to Iran's nuclear threat. He added that he had agreed to cancel the attack subject to being able to rapidly make a deal for the future benefit of the world and the survival of a successful and prosperous Iran.
On Sunday, Trump told press that the US was engaging in negotiations with Iran and that these talks would begin on Monday. However, Iranian foreign ministry spokesperson Esmail Baghaei rejected this notion, stating that the country had only discussed navigation through the Strait of Hormuz with Oman. He emphasized that this agreement was solely about determining a temporary route for safe navigation through the strait.