Oil prices retreated on Monday, after U.S. President Donald Trump said he had temporarily called off strikes on Iranian energy infrastructure following "productive" talks with Tehran.
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Brent oil futures -- the global benchmark -- plummeted by 7.1% to $98.75 a barrel by 07:34 ET (11:34 GMT), while U.S. West Texas Intermediate crude futures fell 8.2% to $90.20 a barrel.
Trump said he has called off previously-threatened military strikes against specific facilities in Iran for a five-day period, following “very good conversations” with Tehran.
In a social media post, Trump said that the talks over the last two days about arranging a “complete and total resolution” to hostilities were “productive.”
“Based on the tenor and tone of these” conversations, which will continue throughout the week, Trump said he had instructed the Pentagon to “postpone any and all military strikes” against Iranian power plants and energy infrastructure for five days.
Brent has been trading above $100 a barrel for several days, spurred on worries over a prolonged closure of the Strait of Hormuz, a vital waterway south of Iran through which roughly a fifth of the world’s oil flows. Trump did not mention the strait in his social media post.
Track the Iran war’s impact on oil prices with InvestingPro - now 50% off
Brent oil futures -- the global benchmark -- plummeted by 7.1% to $98.75 a barrel by 07:34 ET (11:34 GMT), while U.S. West Texas Intermediate crude futures fell 8.2% to $90.20 a barrel.
Trump said he has called off previously-threatened military strikes against specific facilities in Iran for a five-day period, following “very good conversations” with Tehran.
In a social media post, Trump said that the talks over the last two days about arranging a “complete and total resolution” to hostilities were “productive.”
“Based on the tenor and tone of these” conversations, which will continue throughout the week, Trump said he had instructed the Pentagon to “postpone any and all military strikes” against Iranian power plants and energy infrastructure for five days.
Brent has been trading above $100 a barrel for several days, spurred on worries over a prolonged closure of the Strait of Hormuz, a vital waterway south of Iran through which roughly a fifth of the world’s oil flows. Trump did not mention the strait in his social media post.