Trump's Iran Deal Halt Sends Oil Prices Plummeting

Oil prices dropped sharply after US President Donald Trump announced that he would order US forces to hold off on new strikes against Iran, citing a potential deal to end the conflict in the Middle East.

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

The conflict in the region has lasted over five months and has led to high oil prices that pushed past $100 per barrel multiple times during the spring.

As a result, many products such as gasoline, jet fuel, and diesel have become more expensive, affecting motorists and businesses alike.