Oil Prices Plunge 5% as Trump Halts Iran Strike Plans

Oil prices fell sharply in early Asian trade on Monday after President Trump called off another round of military strikes on Iran, raising hopes that a diplomatic route to reopening the Strait of Hormuz and averting a broader regional conflict could be found.

At the time of writing, West Texas Intermediate futures were trading at $79. 77 per barrel, down 5. 88%, while Brent futures had fallen to $83. 47, down 5. 07%.