Oil Plunges 9% as Trump Sets Monday Talks to Reopen Hormuz
Brent crude tumbled 9% intraday on Sunday evening. It slid from a previous close of $91.03 to a low of $82.83 after US President Donald Trump said talks with Iran to reopen the Strait of Hormuz begin Monday afternoon.
The price later clawed back some ground to trade near $84.06, still down 7.66% on the day.
Another Walk-Back, or Real Peace?
Trump told reporters aboard Air Force One that negotiations start the following afternoon. He made the comment a day after he called off what he described as a massive planned attack on Iran.
Trump said Saudi Arabia, the United Arab Emirates, Qatar, and Iran itself all asked him to hold off. He said the request signals every side expects a Hormuz deal, with a separate nuclear agreement to follow.
Saudi state media confirmed part of that account. It reported that Crown Prince Mohammed bin Salman pushed Trump toward deescalation in a weekend phone call. Iran tells a different story.
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