Trump Halts Attack on Iran in Bid for Nuclear Deal, Oil Prices Plummet
Oil prices plummeted by $4 a barrel on Monday after US President Donald Trump announced he was holding off on a fresh attack on Iran in order to reach a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures fell by $4.08, or 4.64%, to $83.85 by 2352 GMT while US West Texas Intermediate crude was at $80.66 a barrel, down $4.01, or 4.74%.
The recent surge in oil prices had been driven by the resumption of fighting between the US and Iran, as well as attacks on several tankers around Oman that heightened security concerns and deterred shippers from entering the Gulf to load oil.
Trump said on his Truth Social platform late on Saturday that Iran and other Middle Eastern countries had asked for time to complete a deal that would lead to 'the Immediate, Complete and Total' reopening of the vital strait and 'an end to Iran's nuclear threat.'