Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve
Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.
Brent futures fell $8.92, or 8.0%, to $103.27 a barrel at 12:31 p.m. EDT (1631 GMT), while U.S. West Texas Intermediate lost $7.17, or 7.3%, to $91.06.
Extreme price changes in recent weeks - Brent closed at its highest since July 2022 on Friday - boosted both crude benchmarks' historic or actual 30-day futures volatility to the highest levels since April 2022.
Trump said in a post on his Truth Social platform that the U.S. and Iran had had "VERY GOOD AND PRODUCTIVE" conversations over the past two days about a "COMPLETE AND TOTAL RESOLUTION OF HOSTILITIES IN THE MIDDLE EAST."
Crude futures plunged almost 15% earlier in the session, but pared losses after Iran said it launched new attacks on Israel and other sites in the Middle East and denied it was talking with the U.S.
Iran's Revolutionary Guards had said they would attack Israel's power plants and those supplying U.S.
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