Oil prices tumbled $4 a barrel on Monday after U.S. President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would halt Tehran’s nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures slid $4.08, or 4.64%, to $83.85, while U.S. West Texas Intermediate crude was at $80.66 a barrel, down $4.01, or 4.74%.
The move comes as the United States and Iran have been engaged in a standoff over Iran’s nuclear program, with the U.S. imposing sanctions on the country.
President Trump announced on his Truth Social platform that Iran and other Middle Eastern countries had asked for time to complete a deal that would lead to the reopening of the vital strait and an end to Iran’s nuclear threat.
The development has been seen as a sign of de-escalation in the region, with oil prices reacting accordingly.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
