Oil plummets as Trump calls off Iran strikes

Oil prices experienced a sharp decline after Donald Trump decided to call off strikes against Iran. Brent crude, the international benchmark, tumbled by over five per cent on Monday, falling below $83 per barrel. Despite this decision, progress towards a finalised peace deal remains stalled as the President continues to clash with Iranian leadership. The market reacted negatively to the geopolitical shifts, leading to a drift in overall oil price valuations during the period.