Oil prices plunge after Trump's Iran statement

 

Oil prices plunge after Trump's Iran statement

Oil prices have plummeted after US President Donald Trump suggested that ongoing talks between the United States and Iran could end the war.

Brent crude, the global oil benchmark, tumbled more than 7% to trade below $99 a barrel, having climbed to $114 a barrel earlier in the day. WTI, the US benchmark, slid 8% to $90 a barrel, about $10 below where it had been trading earlier in the day.

“I am please (sic) to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” Trump wrote in a post on Truth Social, noting that talks would continue “throughout the week.”

Trump added that he had instructed the US Department of War to postpone “any and all” military strikes against Iranian power plants and energy infrastructure for a five-day period, “subject to the success of the ongoing meetings and discussions.”

Iran’s Islamic Revolutionary Guard Corps said it would respond in kind to any attacks on its power plants and also keep the Strait of Hormuz closed indefinitely. Those comments sent oil prices higher Sunday, with gains extending into Monday before the latest developments.