Trump says he called off planned strike on Iran
U.S. President Donald Trump announced he has called off a planned military strike on Iran following diplomatic requests from Tehran and regional partners. The news led to a significant drop in global oil prices as geopolitical tensions eased.
Why it matters
The de-escalation of conflict in the Middle East directly impacts global energy markets and international security stability.
Oil prices fell Monday as investors pared geopolitical risk premiums after U.S. President Donald Trump said he had called off a planned strike on Iran .
West Texas Intermediate futures for September delivery declined 5.59% to $79.94 per barrel as of 5:12 a.m. ET. Brent crude futures for October delivery lost 4.63% to $83.86 a barrel.
Trump said early Sunday that he had called off a planned strike on Iran after receiving a request from Tehran and other countries in the Middle East.
"We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to," Trump said in a Truth Social post.
He said the proposed agreement would include the "Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat."
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