Trump Order Sends Oil Prices Tumbling Amid Iran Conflict

Oil prices plummeted on Sunday after US President Donald Trump announced that he would order American forces to hold off on new strikes against Iran.

The decision came as a deal to end the fighting in the Middle East was near, according to Trump. The conflict has lasted over five months and has had a significant impact on global oil markets.

As a result of the conflict, oil prices have been swinging wildly since US and Israeli attacks on Iran in late February. Prices reached as high as $100 per barrel during the spring, with Brent crude falling 5% to $83.87 per barrel on Sunday night.

The price of US crude oil also fell 5% to $80.79 per barrel, remaining about 20% higher than before the conflict began.