President Trump calls off planned strike on Iran, causing oil prices to tumble.
Oil prices fell significantly on Monday after President Trump announced that he had called off a planned strike on Iran. West Texas Intermediate futures declined by approximately 5% to close at $80.34 per barrel, while Brent crude lost 4.7% to settle at $83.77 a barrel. The decision followed a request from Tehran and other Middle Eastern countries to hold off on an attack while a deal is negotiated. President Trump stated that the proposed agreement would include the immediate and total opening of the Strait of Hormuz and an end to Iran's nuclear threat. While Tehran's Foreign Ministry spokesman Esmaeil Baghaei denied that talks with Washington were planned, President Trump maintained that negotiations are underway to solve a problem caused by Iran for decades. This diplomatic shift also boosted market sentiment, contributing to a market week where the Dow Jones Industrial Average reached a record high.