Oil Prices Plummet as Trump Halts Iran Strike, Signals Return to Talks

Deep News06:50

Global oil prices have dropped sharply following reports that U.S. President Donald Trump called off a planned strike on Iran and announced new negotiations would begin on Monday.

The October Brent crude futures contract fell by as much as 7.3%, hitting $81.55 per barrel. This decline follows a significant surge in July, when Brent futures climbed nearly a quarter, marking their largest monthly gain since March. Meanwhile, West Texas Intermediate (WTI) crude was trading near $80 per barrel.

Speaking on Air Force One on Sunday, Trump stated that he had called off a large-scale attack on Iran after receiving requests from Middle Eastern allies, including Saudi Arabia, to pursue a diplomatic settlement instead. In an earlier post on Truth Social, the President confirmed he had agreed to cancel the military action, contingent on the possibility of a swift agreement to reopen the Strait of Hormuz. "Everyone get moving and get it done!" he wrote.

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