Trump's Iran Talks Uplift Oil Markets with 5% Price Drop
Oil prices plummeted by more than 5% on Monday after US President Donald Trump announced that peace talks with Iran would resume. This decision came after he canceled a planned military strike against Tehran, which had sparked concerns over further disruptions to energy supplies from the Middle East.
The international benchmark Brent crude dropped to around $83.40 per barrel as of 0605GMT, while US benchmark West Texas Intermediate (WTI) fell by 6% to $79.60. The sharp decline in prices was largely attributed to eased concerns over renewed diplomacy and the prospect of reduced tensions between the US and Iran.
Trump stated that key US allies in the region, including Saudi Arabia, had urged him to suspend the attacks and prioritize negotiations. He also reiterated his call for the Strait of Hormuz to be reopened swiftly.