Trump Orders US Forces to Hold Off on Strikes Against Iran, Oil Prices Plummet

Oil prices plummeted Sunday night after President Donald Trump announced that US forces would hold off on new strikes against Iran, citing a deal to end the conflict in the Middle East near completion.

The price of U.S. crude oil dropped by 5% to $80.79 per barrel, while Brent crude, the international standard, fell by 5% to $83.87 per barrel.

Oil prices have been volatile since US and Israeli attacks on Iran in late February, with prices exceeding $100 per barrel multiple times during the spring.

The ongoing conflict has resulted in high oil prices affecting the cost of gasoline, jet fuel, and other products delivered using diesel, leading to increased costs for motorists and customers.