Trump's Iran Talks Send Oil Prices Tumbling Below $80

Oil prices fell below $80 per barrel on July 28 after US President Donald Trump announced 'very serious negotiations' with Iran. The price of U.S. West Texas Intermediate (WTI) crude dropped by 3.2% to $79.98 a barrel, while Brent crude fell by 3.7% to $85.10 a barrel.

This decrease comes after a series of attacks and retaliatory strikes between the US, Israel, and Iran, which have caused global energy prices to surge since February 28. The conflict has led to fears of long-term disruptions to the world economy.

However, traders warn that any renewed strikes or breakdown in talks could reverse this move, causing oil prices to rise again.