Trump's Diplomatic Efforts Send Oil Prices Plummeting
Oil prices plummeted $4 per barrel on Monday after US President Donald Trump put off a potential attack on Iran to negotiate a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures dropped $4.08, or 4.64%, to $83.85 by 2352 GMT while US West Texas Intermediate crude was at $80.66 a barrel, down $4.01, or 4.74%.
This significant decline comes after prices surged over 20% last month due to increased tensions between the US and Iran, as well as attacks on several tankers around Oman that heightened security concerns and deterred shippers from entering the Gulf to load oil.
Trump announced late Saturday that Iran and other Middle Eastern countries had requested time to complete a deal leading to 'the Immediate, Complete and Total' reopening of the vital strait and an end to Iran's nuclear threat.'