Trump's Peace Deal Suspension Slams Oil Prices Down

Oil prices plummeted on Monday after US President Donald Trump suspended new attacks on Iran in an attempt to strike a peace deal and reopen the Strait of Hormuz.

The Brent crude futures fell $4.60, or 5 percent, to $83.37 by 0330 GMT, while the US West Texas Intermediate was down $4.95, or nearly 6 percent, at $79.72 a barrel.

This decline comes after Trump's Sunday post on Truth Social, where he stated that he had agreed to suspend new attacks on Tehran, claiming Iran and other Middle Eastern countries needed more time to conclude a peace deal.

The Opec+ members have agreed to increase oil production quotas by nearly 188,000 barrels per day from September, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.