Trump's Iran Deal Hopes Send Oil Prices Plummeting Over $4

Oil prices plummeted over $4 per barrel on Monday after US President Donald Trump announced he was holding off on a fresh attack on Iran to reach a nuclear deal.

The decision led to a significant drop in Brent crude futures, which slid $4.49 or 5.11% to $83.44 by 0408 GMT, while US West Texas Intermediate crude fell to $79.77 a barrel, down $4.90 or 5.79%.

The recent escalation of tensions between the US and Iran had driven oil prices up over 20% last month, as concerns about security in the Gulf deterring shippers from entering the region to load oil.

Trump's statement on his Truth Social platform suggested that Iran was seeking a quick deal to halt its nuclear ambitions and reopen the Strait of Hormuz, a vital waterway for global oil trade.