Oil plunges 8% after Trump extends Iran ultimatum
In a Truth Social post, US President Trump said that Washington and Tehran “have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
The price of oil fell more than 8%, from nearly $110 to just under $100, on Monday after US President Donald Trump said he had postponed planned strikes on Iran’s energy infrastructure for five days following what he described as “very good and productive” talks between the two sides.
What happened: In a Truth Social post on Monday morning, Trump said that Washington and Tehran “have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
“I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions,” he continued.
Brent Crude plunged to $98.98 a barrel as of 9:27 a.m. ET on Monday, after nearly touching $110 before Trump’s announcement.
