Trump Sets Monday Talks to Reopen Hormuz, Oil Prices Plunge
Oil prices plummeted 9% on Sunday evening as US President Donald Trump announced that talks to reopen the Strait of Hormuz would begin on Monday afternoon. Brent crude initially slid from its previous close of $91.03 to a low of $82.83, but later recovered some ground to trade near $84.06.
Trump's statement followed a day after he called off what he described as a massive planned attack on Iran. He said that Saudi Arabia, the United Arab Emirates, Qatar, and Iran itself had all asked him to hold off, indicating that they expect a Hormuz deal to be reached, with a separate nuclear agreement to follow.
Saudi state media confirmed part of Trump's account, but Iran's semi-official Fars news agency denied ever asking for a pause in the strikes, mocking Trump's statement as 'Trump the fool has run out of steam!'