Trump's Iran Strike U-Turn Sends Oil Prices Plummeting

Oil prices plummeted on Monday after US President Donald Trump announced that he had called off planned strikes on Iran, claiming that peace talks would resume. The move sent Brent crude oil prices down by over 5% to $83.47 a barrel and US West Texas Intermediate (WTI) dropping more than 5% to $79.47 a barrel.

The sharp decline in oil prices comes after the two global benchmarks surged more than 20% in July following the resumption of fighting between the US and Iran, which raised fears for the safety of vessels transiting the Strait of Hormuz.

Fuel prices in the UK continued to rise over the weekend, with petrol reaching an Iran-war high of 160.85p a litre on Monday and diesel rising above 180p for the first time since June 9th.