Trump's Iran Talks Send Oil Prices into Free Fall

Crude oil futures plummeted over six percent after US President Donald Trump announced negotiations would begin immediately to end the war in Iran, although Tehran denies any talks are underway.

The drop in oil prices boosted US stocks at the opening of trading on Monday, with the Dow Jones rising 1.3 percent, Nasdaq up 1.2 percent, and the broader S&P 500 increasing by 0.9 percent.

Trump said he had called off 'massive strikes' at the request of Qatar, Saudi Arabia, and the UAE, citing a desire to negotiate an end to the conflict.

Brent crude prices fell five percent to $83.53 a barrel on Monday, reflecting the significant impact of Trump's announcement on global markets.