Oil tumbles over 6% as Trump's Iran talks revive hopes of easing Middle East tensions
Oil prices dropped over 6% on Monday after President Donald Trump said talks with Iran would be held, raising hopes for easing Middle East tensions.
Brent crude futures fell more than 6% to $82.41 a barrel; WTI crude was down 4.75% at $80.65 a barrel.
The decline followed a rally of over 20% in benchmarks last month, fueled by renewed US-Iran conflict and tanker attacks near Oman.
Trump said Iran and other Middle Eastern countries asked for time to finalize a deal to ensure 'the Immediate, Complete and Total' reopening of the Strait of Hormuz.
OPEC+ agreed to raise oil production quota by about 188,000 barrels a day from September, but disruptions from Iran and Ukraine wars have limited actual supply increases.
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