Trump's Strike Cancellation Sends Oil Prices Plummeting

Oil prices plummeted on Monday after US President Donald Trump announced that he had called off strikes on Iran and revealed that Middle East allies have reached the 'perimeters' of a deal to end the war.

The price of Brent crude oil fell below $83 (£61.73) a barrel, down nearly 6%, and hit a three-week low of around $81.50 (£60.61) per barrel.

This volatility comes after weeks of fluctuating prices, which have been influenced by the ongoing tensions between the US and Iran.

The Strait of Hormuz transit route has been a key concern, as Iran has repeatedly attacked vessels attempting to pass through without its authorization, effectively cutting off most transit routes for the world's oil and gas supply.