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

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. This development has sparked hopes of a resolution to the Middle East conflict, which has lasted over five months.

The price of US crude oil dropped by 5% to $80.79 per barrel, while Brent crude, the international standard, fell 5% to $83.87 per barrel. The conflict has had a significant impact on oil prices, with them swinging widely since the US and Israel launched attacks on Iran in late February.

Oil shippers have been unable to send vessels through the critical Strait of Hormuz, a narrow waterway that borders Iran, due to the fighting. This has led to high oil prices seeping into the cost of gasoline, jet fuel, and other products delivered using diesel.