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Commodities

Trump's Iran Talks Send Oil Prices into a Tailspin

Guavy AI Editorial Team
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Oil
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Oil prices plummeted at the start of Asian trading on Monday after US President Donald Trump announced that new negotiations with Iran would begin to end the conflict in the Middle East and pave the way for reopening the Strait of Hormuz.

Brent crude for September delivery dropped 4.69% to $83.81 a barrel, while US West Texas Intermediate (WTI) crude fell 4.67% to $80.72 a barrel.

The decline followed Trump's announcement on Saturday that the United States and Israel had agreed to suspend planned strikes on Iran, provided a rapid agreement could be reached, particularly over the future of the Strait of Hormuz.

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