Commodities
Trump's Last-Minute Call-Off Sends Oil Prices Plunging
Oil prices plummeted by about 5% on Monday to their lowest level in three weeks after US President Donald Trump called off a potential attack on Iran.
The Brent futures price fell $4.19, or 4.8%, to $83.74 a barrel at 12:40 p.m. ET (1640 GMT), while the US West Texas Intermediate (WTI) crude price dropped $4.92, or 5.8%, to $79.75.
The decline in oil prices was partly due to the start of less expensive October futures as the front-month contract after the more expensive September contract expired on Friday.
A spokesperson for Iran's Foreign Ministry rejected Trump's claim that talks were taking place between the two countries, saying no negotiations or meetings were scheduled.