Trump Halts US Strikes on Iran, Oil Prices Plummet

Oil prices plummeted on Sunday after US President Donald Trump announced that he would order US forces to hold off on new strikes against Iran. The decision comes as a deal to end the conflict in the Middle East is reportedly near.

The price of U.S. crude oil fell 5% to $80.79 per barrel, while Brent crude, the international standard, also dropped 5% to $83.87 per barrel. This sharp decline follows months of escalating tensions between the US and Iran, which have pushed oil prices above $100 per barrel on multiple occasions.

The conflict has had far-reaching consequences, affecting not only the cost of gasoline but also jet fuel and other products that rely on diesel. Motorists have paid more at the pump, while customers have shelled out more for airfare due to higher jet fuel costs.