Trump Orders US Forces to Hold Back on New Strikes Against Iran, Oil Prices Plummet
US oil prices plummeted on Sunday night after 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 fighting in the Middle East is near, according to Trump.
The price of U.S. crude oil fell 5% to $80.79 per barrel, while Brent crude, the international standard, dropped by the same percentage to $83.87 per barrel. This marks a significant drop from the high prices seen in the spring, when US and Israeli attacks on Iran pushed oil prices past $100 per barrel.
The conflict has had far-reaching consequences for consumers worldwide, with higher fuel costs contributing to increased prices at the pump and higher jet fuel prices affecting air travel. In some countries, fuel supplies ran low, leading to rationing and sporadic closures of schools and government offices.