Trump's Talks with Iran Send Oil Prices Plummeting by Up to 4.69%
Oil prices plummeted in early Asia trade on August 3 as US President Donald Trump announced fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz. The conflict, which began in late February when the United States and Israel attacked Iran, had caused oil prices to fluctuate sharply due to its impact on global oil supplies.
At around 2250 GMT (6:50 pm Malaysian time) yesterday, the price of a barrel of Brent North Sea, the benchmark international oil contract for September delivery, fell by 4.69% to $83.81 (RM342). Its American equivalent, West Texas Intermediate, dropped by 4.67% to $80.72.
Trump said that fresh negotiations with Iran would begin on Monday after he decided against major strikes against the Islamic republic in favor of pursuing a deal. 'Now what we're doing is we're talking to them in the form of a negotiation,' he stated, without providing further details about the talks or their participants.