Trump's Iran Talks Send Oil Prices Plummeting

Oil prices plummeted by over six percent on Monday after US President Donald Trump announced that preparations were made for new talks with Iran aimed at ending the war in the Middle East. Crude futures slid despite Iran denying any negotiations and earlier truces failing.

Tech stocks are still under pressure due to concerns of over-investment, but wider stock market indices rose in New York and hit record levels in Europe as lower oil prices raised the prospect of lower interest rates.

Market strategist Patrick Munnelly at the Tickmill Group stated that Trump's decision to restart talks with Iran 'knocked a large chunk out of the oil-risk premium and given bonds room to rally.'