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%. The most recent selloff comes after a very volatile July in which both benchmarks surged more than 20% as renewed hostilities between the U.S. and Iran and a blockade of Saudi ports by the Houthis stoked fears of prolonged supply disruptions through the Strait of Hormuz and the Red Sea. On Saturday, it seemed that disruptions would worsen further when Trump warned that the U.S.