Trump Puts Planned Iran Strike on Hold Amid Calls for Peace Talks

Crude oil prices plummeted over 5% on Monday morning after US President Donald Trump announced that he would pause the planned strike on Iran to pave the way for peace talks. According to Trump, Iran and other Middle Eastern countries had requested that the attack be held off in order to pursue a deal.

As a result of this development, crude oil futures declined sharply, with October Brent oil futures falling to $83.49, down 5.05% from the previous day's close. September crude oil futures on WTI (West Texas Intermediate) also dropped by 5.85%, trading at $79.70.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) had previously announced a plan to increase production output by 188,000 barrels per day from September, citing an opportunity for participating countries to accelerate their compensation.