Crude oil prices tumbled more than 4% early this morning after President Donald Trump announced he was scrapping plans to strike Iran and preparing to begin talks later today. The September West Texas Intermediate contract dropped 4.5% to 80.89 dollars a barrel, while the October Brent contract fell 4.4% to 84.10 dollars a barrel. President Trump said Saudi Arabia, the United Arab Emirates, and Qatar had asked the United States to call off the strike because they believed a deal would be reached, adding that agreements on the Strait of Hormuz and a nuclear deal would follow.
Trump calls off Iran strike, reducing geopolitical risk premium for oil
Trump calls off Iran strike, reducing geopolitical risk premium for oil