Commodities
Trump's Iran Halt Sends Oil Prices Tumbling
Oil prices plummeted Sunday night after President Donald Trump announced that US forces would 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 5% to $80.79 per barrel, while Brent crude dropped 5% to $83.87 per barrel.
The conflict between the US and Iran has lasted over five months, causing widespread disruption to global oil shipments and driving up prices as high as $100 per barrel in the spring.
As a result of the high oil prices, consumers have faced increased costs for gasoline, jet fuel, and other products that rely on diesel.