WTI Plunges 7.4% as US-Iran Ceasefire Announcement Sparks Oil Price Volatility
The price of West Texas Intermediate (WTI) oil has fallen by 7.4% to around $78.50 during Monday's European trading session.
This decrease is attributed to the announcement of a ceasefire between the United States and Iran, as US President Donald Trump revealed over the weekend that planned attacks on Iran have been suspended due to an agreed-upon nuclear deal and the reopening of the Strait of Hormuz.
According to Reuters, Trump stated that discussions with Iran will begin on Monday afternoon, but did not specify the location or members of the negotiating team. Trump mentioned that 'the deal is imminent' regarding the denuclearization of Iran and the opening of the Hormuz Strait.
However, Iran's foreign ministry spokesperson Esmail Baghaei contradicted Trump's statement by saying that Tehran is not discussing the reopening of the Strait with the US. Instead, they are in talks with Oman on this matter.