Crude plummets on Iran diplomatic hopes
US crude fell 7.4% to $96.46 and Brent dropped 7.6% to $104.77 after Trump and Iran's leaders said they want to negotiate.
Oil prices fell sharply on Monday as President Trump and Iran's leadership signalled openness to resolving their eight-month conflict through diplomacy. U.S.
West Texas Intermediate futures shed 7.4% to close at $96.46 a barrel, the biggest single-day drop since July. Brent crude fell 7.6% to $104.77.
Trump told reporters Iran wants to make a deal, and U.S. Secretary of State Marco Rubio said the administration prefers not to use military force.
Iran's president said Tehran seeks to resolve problems through dialogue, and the foreign minister said an agreement is possible if Washington shows goodwill. However, Iran's Supreme Leader also warned his forces would respond immediately to any threat.
Analysts say much of October's price rise had been bets on military escalation after US elections, so peace talk hopes triggered the sell-off.
- 7.4%
- US crude drop
- $96.46 a barrel
- US crude price now
- July 27
- Biggest daily loss since
- 8 months
- Conflict duration
Why it mattersLower oil prices mean lower fuel costs at the pump, and reduced geopolitical risk premium in energy markets, but only if diplomacy holds.
AustraliaAustralians could see relief at petrol pumps if the price drop sticks, though fuel pricing lags global oil moves by days.
✓ Claims checked against the source. checked 2 h ago
