Trump's Iran Talks Send Oil Prices Tumbling Nearly 5%

Oil prices plummeted nearly 5% in early Asia trade on Monday after US President Donald Trump announced fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz.

The conflict, which began in late February when the US and Israel attacked Iran, has caused oil prices to swing sharply as it effectively closed the waterway, a vital route for global oil and gas supplies.

At around 2250 GMT on Sunday, the price of a barrel of Brent North Sea, the benchmark international oil contract, for September delivery was down 4.69% at US$83.81.

The American equivalent, West Texas Intermediate, fell 4.67% to US$80.72.