Trump's Surprise Move Sends Oil Prices Tumbling Amid Iran Nuclear Talks
Oil prices plummeted on Monday as US President Donald Trump announced that he would hold off on attacking Iran, instead seeking to reach a quick deal to halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.
The Brent crude futures slid $4.08 (4.64%) to $83.85 per barrel by 2352 GMT, while US West Texas Intermediate crude was at $80.66 a barrel, down $4.01 (4.74%).
These prices are a far cry from the 20%+ jump seen last month after fighting between the US and Iran resumed and attacks on several tankers around Oman heightened security concerns.
Tony Sycamore, an IG market analyst, noted that 'the bigger focus is whether this week turns into a rinse and repeat of last week, with hopes of a deal collapsing as Iran digs in its heels and continues to leverage its control over the Strait.'