Trump's Iranian Deal Hopes Send Oil Prices Plummeting

Oil prices plummeted to a three-week low on Monday after US President Donald Trump announced he was putting off further attacks on Iran in hopes of securing a quick deal to boost oil supplies from the Persian Gulf.

Brent futures fell $4.19, or 4.8 percent, to $83.74 a barrel at 12:40 ET (16:40 GMT), while US West Texas Intermediate (WTI) crude dropped $4.92, or 5.8 percent, to $79.75.

The decline was partly due to the start of October futures as the front-month contract after the more expensive September contract expired on Friday.

Iran's Foreign Ministry spokesman Esmail Baghaei denied any talks with the US were taking place, contradicting Trump who claimed a deal was imminent.