Oil prices plunge and Europe’s markets rally after Trump calls off Iran strikes

Oil prices fell sharply on Monday after Donald Trump cancelled planned strikes on Iran, claiming that Middle East peace talks would resume. Brent crude dropped by approximately 5% to $83.47 a barrel, having fallen as much as 7.3% earlier. US West Texas Intermediate also decreased by over 5% to $79.47 a barrel. Simultaneously, European markets and government bonds rallied in response to the news that the US president halted the military action.