Trump's Iran Talks Spark Oil Price Plunge

Oil prices plummeted on Monday after US President Donald Trump announced that Washington was engaging in 'good talks' with Iran, sparking hopes of a diplomatic breakthrough. Brent crude, the international oil benchmark, fell by around 8.2% to below $90 per barrel, down from as high as $87.55 during trading.

The decline came after prices briefly climbed above $100 per barrel last week due to heightened tensions in the Middle East. Trump's comments followed Washington's decision on Saturday to suspend its air strikes on Iran after 13 consecutive nights of bombing.

'We're talking right now. We're having good talks. I think there's a good chance that something could happen, and if it does, good; if it doesn't, we go back to doing what we were doing two days ago,' Trump said.

Tensions remained high across the region, with Saudi Arabia intercepting drones targeting petroleum facilities, including sites in Riyadh. Iran-backed Houthi rebels in Yemen also claimed responsibility for attacking Saudi Arabia's East-West Pipeline.