Trump's Iran Talks Send Oil Prices Tumbling

Global oil prices plummeted on Monday after US President Donald Trump announced that peace talks with Iran would resume later in the day. This move eased concerns over a wider conflict in the Middle East and potential disruptions to global energy supplies.

Brent crude, the international benchmark, dropped more than 5% to around $83.40 per barrel by 0605 GMT, while US benchmark West Texas Intermediate (WTI) fell approximately 6% to $79.60 per barrel.

The decline came after Trump revealed that he had cancelled a planned military strike against Iran following appeals from key regional allies, including Saudi Arabia, to give diplomacy another chance.